The global audiobook market is expected to reach $19.7 billion by 2028, growing at a compound annual growth rate of 26.0% over the forecast period.

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Audiobooks are audio recordings of the text of a book that are listened to rather than read. Verbatim and abridged versions of the novels are available as audiobooks. Audiobooks can be played on any smartphone, computer, tablet, home speaker system, or in-car entertainment system.

NEW YORK, Nov. 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of Global Audiobooks Market Size, Industry Trend Analysis Report and Share by Preferred Device, by Target Audience, by Distribution Channel, by Type, by Regional Forecast and Forecast, 2022 – 2028″ – https://www.reportlinker.com/p06364333/?utm_source=GNW
Audiobooks are usually acquired and downloaded in the same way as digital music and video.

They are also available for purchase from online retailers and as free downloads from public domain websites. The majority of public library systems provide the need to download audiobooks online which is a library card. Over the years, audiobooks have morphed from a tangible product bought in a store to a digitally downloaded code on a smartphone, but they’ve never been as popular as the hardcover format.

The audiobook industry was not as successful as the print book industry at the time phonograph audiobooks were recorded in the late 19th century because of the availability and convenience of print books. However, there is a misconception that not only is the paper edition superior but the audio books are deceiving the printed book. Some believe that they remember less knowledge when they listen about it than when they read, while others find that listening is more enjoyable, especially if it is a habitual activity.

With backlist titles still accounting for nearly two-thirds of revenue industrywide, this makes it more difficult for junior authors to acquire, as they typically lack the platform of an accredited author. As a result, new authors scramble to engage their followers through blogs, newsletters, and other media as they go about earning their book deals.

Analysis of the impact of COVID-19

The COVID-19 pandemic occurred as a result of the positive impact on market development generated by the increased use of smart devices, such as audio devices and smartphones, while the government implemented strict lockdowns and imposed indoor isolation for the general population. . Due to stay-at-home laws, market players and book users are choosing digital alternatives for their reading needs, especially audio formats. With traditional colleges and libraries immediately halted pending further review, student demand for the devices has increased exponentially. Likewise, many manufacturers in the market provide a variety of items to provide their customers with premium screen-free entertainment across devices.

market growth factors

Adoption of cars, smart homes and smartphones

The car has been the most popular site for listening to audiobooks for several years. The United States and China are the two countries with the longest average commute times, so it comes as no surprise that they both lead the audiobook industry worldwide. This illustrates the relationship that passengers have with listening to audiobooks while traveling. During the pandemic, Waze, a smartphone navigation service, has added Audible and other music players like Pandora and Spotify to its app.

Technology as a medium for the masses

The advent of the digital age has had a huge impact on the current audiobook business, allowing audiobooks to reach more people and persuade them to become listeners. With approximately 95% of the industry currently consumed via digital audiobook downloads rather than physical CDs, mobile usage is consistent with the new format; As consumers switch to smartphones, digital audiobooks have grown in popularity over physical products because consumers’ focus has shifted to the digital channel.

market limiting factors

Effective for expanding audiobooks

Not all books are read equally. Certain books cannot be transferred to the audio format. Some subjects require graphics, have to be studied many times, and don’t have to be written for spoken language. This is why it can be difficult to listen to complex titles via audiobooks. Non-fiction audiobooks typically lack the immersive narrative methods that make a successful fiction audiobook. This does not exclude the possibility that Malcolm Gladwell or Michael Lewis will take us on an intellectual journey.

Type Outlook

Based on genre, the audiobook market is segmented into fiction and non-fiction. The non-fiction segment saw a significant revenue share in the audiobook market in 2021. This is due to the widespread use of audiobooks by parents as screen-free educational materials for their children. The genre section is divided into audiobooks of fiction and non-fiction. Nonfiction literature consists of academic books, biographies, self-help books, travel guides, autobiographies, memoirs, and more.

My preferred Outlook device

On the basis of preferred device, the audiobook market is segmented into smartphones, laptops, tablets, PDAs, and others. The smartphone segment had the largest revenue share in the audiobook market in 2021. This category is expected to be driven by the convenience of downloading audio box sets and the ability to access audiobook versions of books while performing other tasks. Touch screens allow consumers to interact with their smartphones. There are thousands of smartphone apps, including games, personal apps, and corporate apps.

Distribution channel forecast

By distribution channel, the audiobook market is categorized into one-time download and subscription. The one-time download segment has the highest revenue share in the audiobook market in 2021. Buying a single high-quality audiobook is preferred by reading and listening enthusiasts. To motivate customers to purchase completely registered items, many companies offer unique discounts and pricing packages. Many of Google’s audiobook titles, for example, are selling audiobooks at 30-50% off and a family library feature that allows relatives to be included in the package.

Target audience expectations

Based on the target audience, the audiobook market is divided into children and adults. The children’s segment witnessed a significant revenue share in the audiobook market in 2021. Due to the expansion of the use of audiobooks for educational purposes, audiobooks are becoming increasingly popular. Also, many audio books are produced for children’s entertainment. The multiple cognitive benefits of children’s audiobooks, such as improved vocabulary, improved imagery, and improved story structure, are expected to create lucrative development potential.

regional forecasts

At the region level, the audiobook market is analyzed across North America, Europe, and Asia Pacific and lama. The North American segment had the highest revenue share in the audiobook market in 2021. This is due to the early and rapid adoption of technology to enhance user experience. The presence of a large number of important audiobook providers in the region is driving the expansion of the market. The presence of a large number of smartphone users in the region is another factor driving the growth of the market.

The market research report covers the analysis of the key stakeholders in the market. Key companies mentioned in the report include Apple, Inc., Amazon.com, Inc., Google LLC, Storytel AB (Massolit Media AB), Downpour (Blackstone Audio, Inc), Softonic International SA, WF Howes Ltd. (RBmedia) (KKR & Co. Inc.) and Scribd, Inc. and Barnes & Noble, Inc. (Elliott Management Corporation) and Rakuten Kobo, Inc.

Modern Strategies has been published in the audio book market

April 2022: Barnes & Noble introduces the B&N Nook, a digital audiobook experience. The audiobook service is unrestricted online at bn.com/audiobooks and can be heard on the Barnes & Noble NOOK app for Android, iOS, or web player. Moreover, the B&N Nook App will be the new platform for all digital wallets as it integrates audiobooks and eBooks into a single app for a unified user experience.

November 2021: Storytel completes the acquisition of Audiobooks.com, a subsidiary of KKR. This acquisition will expand Storytel’s development path and profitable growth into the world’s largest English-language audio industry. Furthermore, Storytel’s acquisition of Audiobooks.com lays foundations for the company’s expansion into the English language industry and highlights its notable growth strategy to launch into the large and custom audio markets.

May 2021: Storytel partners with Spotify, a digital music, podcast and video service. Through this partnership, Spotify is making it possible for its subscribers to come to its library of audiobooks on Spotify beyond this year. On top of that, Storytel offers the ability to listen to and read over 500,000 titles in 25 industries and competes with the likes of Amazon’s Audible.

March 2021: Scribd launches Scribd Audio with audiobooks from independent publishers. New subscription service Scribd will offer tags for audiobooks, extending with “Black Imagination” to its recently created Scribd Audio brand. What’s more, the new Scribd Audio will traverse a wide variety of genres and themes.

May 2020: Scribd unveils Scribd Perks, which provides unparalleled access to premium educational and entertainment content. Scribd Perks offers free subscriptions to select partner apps such as TuneIn, Pandora, Peak-Brain Training, CONTV + Comics, FarFaria, CuriosityStream and MUBI. Plus, with millions of audiobooks, e-books, and magazines, Scribd subscribers will now get free subscriptions to music, educational games, documentaries, movies, comics, and more via Scribd Perks.

June 2019: Rakuten Kobo partners with Indigo Books & Music, the world’s premier cultural store for book lovers. With this partnership, the companies aim to evolve their existing e-reader and e-book partnership to have Canadian books in more formats, now including audiobooks. What’s more, along with e-books in the free Kobo app, audiobooks allow individuals to devote more reading time into better parts of their day when formal reading isn’t possible, including driving or commuting.

August 2018: Rakuten Kobo forms a partnership with Walmart, an American multinational retailer. Through this partnership, the companies aim to offer Walmart eBooks, an online audiobook and eBook store. What’s more, Walmart eBooks has a library of over 6 million labels ranging from New York Times bestsellers to indie posters and children’s books.

January 2018: Google launches audiobooks on the Google Play Store. Audiobooks can be accessed on iOS, Android, the web, and with Google Assistant compatible devices such as Google Home smart speakers. Moreover, consumers can listen to Google audiobooks across many devices from the enterprise.

field of study

Market segments covered in the report:

Depending on the preferred device

• smart phones

• Laptops and tablets

• Personal digital assistants

• Others

according to the target audience

• grown ups

• Children

by distribution channel

• One-time download

• Subscription based

by type

• imagination

• Non-fiction

By geography

• North Amarica

oh us

o Canada

Oh Mexico

o Rest of North America

• Europe

Oh Germany

o uk

or France

Oh Russia

Oh Spain

o Italy

o Rest of Europe

• Asia Pacific

Oh China

Oh Japan

Oh India

or South Korea

or Singapore

o Malaysia

o Rest of Asia and the Pacific

• Lamia

Oh Brazil

Oh Argentina

or the United Arab Emirates

or Saudi Arabia

or South Africa

Oh Nigeria

o The rest of the lamia

Corporate profile

• Apple, Inc.

• Amazon.com, Inc.

• Google LLC

• Storytel AB (Massolit Media AB)

• Downpour (Blackstone Audio, Inc)

Softonic International SA

• WF Howes Ltd. (RBmedia) (KKR & Co. Inc.)

• Scribd, Inc.

• Barnes & Noble, Inc. (Elliott Management Corporation)

• Rakuten Kobo, Inc.

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