Market Snapshot
Key Players
Market Introduction
An audiobook is the recording of text of books. The increase in smart technology has led to the development of audiobooks. Moreover, easy accessibility and increasing penetration of internet connectivity across the globe also pave the way for digital audiobooks over the past few decades. Additionally, increasing investment in digital technology across the educational and entertainment industry is one of the major factors escalating the growth of the audiobook market.
Technological advances in production have led to digital recording, e-mail delivery of documents, and usage of tablets instead of hard copy texts. The expansion of home studios for narrators has also shortened the time taken to manufacture audiobooks and reduced manufacturing costs. An increase in young listener inventory, easy accessibility of these paperback copies by the physically-abled and non-English speaking groups are some of the key factors fuelling the market growth. However, the interoperability between personal digital assistants and audiobook platforms hinders market growth.
The global audiobook market was valued at USD 3.08 billion in 2019 growing at a CAGR of 24.4% during the forecast period.
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The Surge in Digital Recording Products
Over the past few years, there has been substantial growth in audiobooks across the globe. The growth is owing to surge in smartphone penetration rate which enables consumers to opt for audiobooks over traditional books on account of the broad offering of audiobooks. This includes; multitasking, screen-free time, improve relaxation among others. Moreover, the growing disposable income of consumers which enables consumers to prefer digital devices for various activities is also one of the factors fuelling the growth. Additionally, increasing trends of podcasts across the globe also pave the way for the adoption of the audiobook market.
Segmental Overview
The global audiobook market has been categorized into the genre, preferred devices, distribution channel, and target audience
Genre
On the basis of genre, the global audiobook market has been segmented into fiction and non-fiction
The non-fiction segment holds a higher CAGR and is presumed to grow during the forecast period. The growth is attributed to the growing popularity among parents to offers their kids screen-free time regarding educational and recreational materials. Additionally, a surge in other genre materials that include; history, skill development, and biographies among others is also one of the factors fuelling the market growth. Moreover, surge in casual listeners who prefer short audio materials also leads to the development of market. Thus, to avoid this, major vendors prefers to launch series of audio books which contain five or six editions.
Preferred Device
Based on preferred device, the global audiobook market has been categorized into Smartphone’s, Laptops and Tablet, personnel digital assistants
Smartphones holds a dominant position in the adoption of the audiobook market and is expected to witness growth during the forecast period. The growth is attributed to ease to access the smartphones at remote locations which enable consumers to listen or surf variety of genre. Furthermore, surge in adoption of smartphones among all age group to carry out various activities are also one of the factors fuelling the market growth. Also, Smartphones are the most preferred listening device compared to other devices by people on account of its easily carrying and lightweight capabilities also leads to the development of market.
Moreover, digital assistant segment is the fastest-growing segment in audiobook market and is presumed to grow during the forecast period on account of easy accessibility to devices. For instance, According to The Consumer Technology Association, approximately 33% of Americans have at least one personal digital assistant devices in their house, which shows two-fold in figure over the past years.
Distribution Channel
On the basis of distribution channel, the global audiobook market has been segmented into one-time download and subscription based.
One-time download holds higher CAGR and is expected to witness growth during the forecast period. The growth is attributed to surge in preference of consumers for single high-quality audio books. Additionally, surge in offering of discounts by the enterprises to cater the attraction of consumers is also one of the factors fuelling the market growth. For instance, in June 2017, Google, Inc. has offered some of the its audio book titles with an additional discount of 40 to 50% with additional feature of Family Library to cater the attraction of family members in the package.
Subscription based channel is the fastest-growing segment and is presumed to witness growth during the forecast period on account of surge in Streaming-Books-On-Demand (SBOD) products. Furthermore, growing consumers’ preferences to buy more subscription bases models over single time download models is also one of the factors enhancing the market growth. Additionally, low cost of subscription-based models over single-time download also leads to the development of market.
Target Audience
On the basis of target audience, the global audiobook market has been segmented into kids and adults
Adult segment holds a dominant position in the adoption of audiobooks and is expected to witness growth during the forecast period. The growth is attributed to broad offering of audiobooks that includes; offering of relaxation and brain stimulation models among others. Furthermore, surge in car entertainment system which enables consumers to listen to various audiobooks while driving or multitasking escalate the market growth. For instance, According to a consumer behavior survey conducted by the Audio Publishers Association (APA), approximately 53% of consumers prefer the audio book while relaxing at home. Thus, in the light of above trends, it is likely to witness users also make subscription on large numbers thereby increasing market growth.
Impact of COVID-19
The impact of COVID-19 has a devastating effect across all industry vertical globally. However, the market of audiobooks has witnessed surge in growth on account of impose of stringent regulations by the government that includes; stay at home orders, shut down of business and cross borders operations, physical libraries and universities among others. This enables consumers and books enthusiasts to prefer audiobooks which enables consumers to listen to their favourite books while multitasking. Thus, to tap this emerging market many vendors has launched audiobooks amid pandemic COVID-19 to enhance its business operations. For instance, Audible Inc., has launched free audiobooks collection to increase its customer's engagement.
Regional Overview
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North America holds dominant position in the adoption of audiobook and is presumed to grow during the forecast period. The growth is attributed to early technology adoption to enhance the users’ experience. Furthermore, the presence of large number of leading companies offering audiobook is also one of the factors propelling the market. Moreover, presence of large number of smartphone users in the region is also one of the factors fuelling the market growth.
Asia-Pacific is the fastest-growing region in the adoption of audiobooks and is expected to grow during the forecast period. The growth is attributed to availability of the books indifferent regional languages. Furthermore, the adoption of audio books in acting schools both in regional and English language to improve the performances of the students escalate the market growth of audiobooks. For instance, in 2018, Audible, Inc. has launched Chinese recorded book versions on its U.S. website in order to enhance its Chinese customers engagement.
Key Players
The key players in the global audiobook market have adopted organic as well as inorganic growth strategies that include; partnerships and collaborations, product launch, mergers and acquisitions to expand its geographical reach. The major key players are; Audible, Inc. Amazon.co, Inc., RBmedia, Playster, Google, Inc., Rakuten Inc., iBook’s by Apple Inc., and Storytel
Audiobook Market: Segmentation
By Genre
- Fiction
- Non-fiction
By Preferred Device
- Smartphones
- Laptops & Tablets
- Personal Digital Assistants
By Distribution Channel
- One-time Download
- Subscription-based
By Target Audience
- Kids
- Adults
By Region
North America
- The U.S.
- Canada
- Mexico
Europe
- The U.K.
- Italy
- France
- Spain
- Germany
- The Rest of Europe
The Middle East and Africa (MEA)
- Saudi Arabia
- Egypt
- South Africa
- The Rest of MEA
Asia-Pacific
- India
- China
- Japan
- Australia
- South Korea
- The Rest of Asia-Pacific
South America
- Columbia
- Brazil
- Chile
- Peru
- Argentina
- The Rest of South America
