Global Audiobooks Market by Preferred Device (Personal Digital Assistants, Smartphones, Laptops & Tablets) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global audiobooks market was worth USD 2.67 billion in 2019. It is projected to grow at a compound annual rate (CAGR of 24.4%) between 2020 and 2027. The recordings that are narrated or sung by authors are called audiobooks. These paperback copies are easily accessible by both English-speaking and physically disabled people, which is one of the main factors that has driven market growth. Over the past 20 years, books-on tape have dramatically changed the accessibility of paperback materials to a wider audience through multiple listening media. Audiobooks were created by The American Foundation for the Blind in 1932 for visually impaired users. These audiobooks were made up of several 15-minute recordings.

Since the beginning of the 2000s, the industry has evolved smoothly by adopting new listening methods such as books-on-tape or Compact Discs (CDs), with portable multimedia players. The current era is characterized by smartphones being more popular than ever. In recent years, the internet has been a major factor in gaining traction with a broad audience.

Smart home technology has created lucrative opportunities for the audiobook market. Market growth could be slowed by a slow transition from taped materials into intelligent devices. This industry may also be affected by a lack of interoperability between digital assistants and audiobook platforms. The books published by Audible Inc. (a U.K.-based subsidiary of Amazon Inc.) can only be accessed with the Echo smart speaker. This is a major roadblock to market growth.

The market growth is also affected by the quality of the narrator’s voice and pronunciation. Good narration can increase the demand for recordings. However, poor storytelling, such as inefficient characterization and improper pitch control, may lead to a loss of interest from the listener. Published listening books are either recorded by the authors or hired voiceover artists to deliver the content fluently. Companies place great emphasis on choosing narrators that are not mumblers or droners. They also hire sound engineers to capture a target audience through smooth narrations.

The COVID-19 pandemic has prompted governments in affected countries to impose strict lockdowns and mandate isolation at home for the general public. Due to the order to stay at home, universities and physical libraries have been temporarily closed. Students and book readers are now looking for digital alternatives. Audio versions are the most popular. Market players offer multiple products to provide unique entertainment for their customers during this epidemic. Audible, Inc. launched an online collection of taped books that included poetry, fables, and educational material. It was available on their website without the need for sign-up, login, or payment information.

Genre Insights

Non-fiction is expected to experience faster growth, with a CAGR exceeding 25.0% over the forecast period. This can be attributed to the growing popularity of educational materials being preferred by parents to engross children and keep them away from screens. This segment can be divided into fiction and nonfiction genres. Fiction includes science, fantasy, crime thrillers and mysteries. This segment had a 65.6% higher revenue share in 2019 and will likely continue to dominate the market over the forecast period. Science and mystery are the most popular fictional genres among target audiences.

History, biographies and self-development materials are the most popular types of non-fiction audiobooks. One of the most important factors in determining the popularity of an audiobook's length is its average length. A standard audio collection can last from seven to nine hours, but this will vary depending on the genre. Science fiction and fantasy tend to have a longer duration while comedy and humor books are shorter. Audio listeners who are casual prefer shorter-lasting content. This makes it difficult for key players to sell the program. This is why prominent companies have launched audiobook boxes with five to six editions in order to keep their target audience engaged.

Target Audience Insights

The adult audience was worth more than USD 2.00 Billion and accounted for more than 80% of the total revenue. Audiobooks' many attributes, such as brain stimulation and relaxation that can be used even when you have a busy schedule or multitasking, are expected to greatly contribute to their growth. The market's target audience is both adults and children. The target audience for children is those aged 12 and under, while the adults segment is for people over 12 years.

This market is flexible as people can listen to it while they are driving or at home, while using their car entertainment systems or on public transport. The Audio Publishers Association (APA) conducted a survey of consumer behavior and found that approximately 60% of listeners read these books while at home. The versatility of the industry means that subscriptions will continue to be popular among adults.

Over the forecast period, the fastest growing segment will be the kids. The platforms have been primarily used by children to access educational and entertainment content. Audiobooks for children have many benefits, including enhanced visualization, improved vocabulary and structured narratives. There are also many skills that can be used to improve reading comprehension.

Preferred Device Insights

The smartphone is the most popular listening device for recorded material, accounting for 43.9% of the total market's revenue share in 2019. This segment is expected to be driven by key factors such as the portability of accessing recorded books while doing other tasks, and the ease of downloading audio boxes sets. The market can be divided into three categories based on the device preferred: smartphones, tablets and laptops, digital assistants, and other devices.

The personal digital assistants (also known as smart speaker) are expected to be the most popular device for listening to paperback content during the forecast period. This segment is expected to grow at the fastest rate over the next seven year. According to The Consumer Technology Association (TCA), around 31.0% Americans have at least one personal digital assistant. This adoption rate has more than doubled over the past two years.

Other devices include CDs, MP3 players and Bluetooth-connected speakers. Smartphones and tablets are the most popular listening devices, but people don't have access to the internet or smart technology yet. Public libraries are increasingly turning to CDs for unique audio paperback content.

Distribution Channel Insights

In 2019, the one-time download segment was responsible for 55% of the total revenue. A single audiobook of high quality is still the best option for listening or reading enthusiasts. To attract customers to buy recorded content, companies offer discounts and special pricing packages. Google, Inc., for instance, sells audiobooks at a 30% to 50% discount and includes Family Library, which allows family members to be included in the purchase.

The subscription-based distribution channel is forecasted to expand at the fastest CAGR of 25.6% from 2020 to 2027 due to the advent of Streaming-Books-On-Demand (SBOD) models. Subscription packages are preferred by consumers over single-use downloads because they offer access to a wider range of titles. Subscriptions are cheaper, at an average cost of USD 10 to $15 per month. However, buying taped books directly is about USD 20 to $30. The market can be divided into two types based on its distribution channel: a subscription-based model and a one-time download.

Leading companies are changing from selling audiobooks to offer unlimited access at affordable prices due to the high demand for subscriptions. Market leaders are offering unlimited and limited subscription-based consumption options. Playster, for example, offers access to more than 100 000 recorded content at a USD 14.95 per month.

Regional Insights

North America held the largest revenue share, close to 45.0%, in the global business in 2019. The region will continue to dominate the market over the forecast period. Because it is the first to adopt the most recent technologies in audiobooks, the U.S. accounted for over 40% of the total market revenue. The region will continue to be a stronghold because most of the world's top companies are located in the U.S.

Asia Pacific is expected to have a large revenue share during the forecast period, with Japan and China leading regional growth. This region will see growth from 2020-2027 due to the availability of books in non-English languages as well as other regional languages. Audible, Inc., launched Chinese-language recorded books on its U.S. website in 2017 with the aim of catering to the Chinese-speaking population. The adoption of recorded books in acting schools and film programs to teach young actors voice delivery by seasoned narrations is expected to greatly contribute to regional market growth.

The fastest growth is expected to be in the Middle East and Africa over the next seven year. This may be due to the rapid growth in internet access and mobile devices that can be used on the go. This market is still in its early stages and has low penetration. To give China a competitive edge, global publishers are investing in upgrading audio media, hiring multiple narrators to record full-cast recordings, as well as straight-to-audio launches.

Market Share Insights & Key Companies

The new entrants are challenging these dominant players. As a result, the regional players offer lower subscription rates to their users than the global players. The global players have a stronghold in this market, as they continue to offer a broad range of contents. In order to maintain their competitive edge, industry players are constantly engaged in tie-ups with authors and publishing companies to obtain the copyrights for the most popular paperback materials. They also emphasize on tie-ups and mergers with future authors to launch'straight to-audio' books that will attract their target audience.

A number of top players are upgrading their websites and apps to keep their customers happy and increase their market share. In July 2019, Audible announced that it will upgrade its app with Audible Captions. This will enable listeners to hear the narration and read the audiobooks with Machine Learning (ML). The following are some of the major players in the audiobooks market:

• Audible, Inc.

• Amazon.co, Inc.

• RBmedia

• Playster

• Google, Inc.

• Rakuten Inc.

• Apple Inc. iBooks

• Storytel

Up Market Research published a new report titled “Audiobooks Market research report which is segmented by Preferred Device (Personal Digital Assistants, Smartphones, Laptops & Tablets), By Players/Companies Inc, Storytel, Inc, Google, Audible, Playster, Rakuten Kobo Inc, iBook’s by Apple Inc, RBmedia, Amazon”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Audiobooks Market Report Segments:

The market is segmented by Preferred Device (Personal Digital Assistants, Smartphones, Laptops & Tablets).

Audiobooks Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Audiobooks Market

Overview of the regional outlook of the Audiobooks Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Audiobooks Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Audiobooks Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Personal Digital Assistants

                2. Smartphones

                3. Laptops & Tablets

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Audiobooks Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Audiobooks Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.