Global Audiobook Services Market 2023-2030

Global Audiobook Services Market 2023-2030

Global Audiobook Services Market Size, Share & Trends Analysis Report by Genre (Fiction, Non Fiction and Spiritual), by Application (Educational Institutes and Commercial Sectors), and by Customer (Adults and kids), Forecast Period (2022-2028)

The global audiobook services market is anticipated to grow at a CAGR of 25.2% during the forecast period. The growing use of audiobook services is attributed to several factors, including convenience, accessibility, technology, narration, and availability of subscription services. According to a report by the Audio Publishers Association, the number of audiobooks published has grown steadily, with over 60,000 titles released in 2020 alone. The increasing popularity of smartphones and tablets and the rise of subscription-based audiobook services such as Audible and Scribd have made it more affordable for people to listen to audiobooks. Audible has published over 100 thousand audiobook and Scribd has published 65 nonfiction and fiction titles. Scribd offers monthly subscription for $11.99 and Audible offers unlimited access to the Audible plus Catalog for $14.95 per month. The selection of non-English-language titles is steadily expanding to fill that void. Audible currently has titles available in over 180 languages. Only a few languages have their own Audible sections. Audiobook services companies are expected to opt for advanced technologies. For instance, Apple makes a significant shift from its current audiobook model towards the AI-narrated books. Digital narration will eliminate the cost and complexity that producing a human-narrated audiobook can represent for small publishers and independent authors.

Segmental Outlook

The global audiobook services market is segmented based on the genre, application, and customer. Based on genre, the market is segmented into fiction, non-fiction and spiritual. Based on the application, the market is sub-segmented into the educational institutes and commercial sectors. Further, based on customer, the market is segmented into adults and kids. Among the genre, the fiction audiobook sub-segment is anticipated to hold a considerable share of the market.

The Fiction Audiobooks Sub-Segment is Anticipated to Hold Prominent Share in the Global Audiobook Services Market

The fiction audiobooks sub-segment is expected to hold a prominent share of the global audiobook services market due to the high demand for historical fiction, adventure, thrillers, romance, horror, detective and mystery fiction, and children's fiction and among others. Market players are emphasizing the use of advanced technology to better serve and understand their customers. Companies are implementing audiobook services solutions for mobility features to improve convenience and accessibility. Audible Inc., Amazon. Co Inc. (Audible), Downpour.com. RBmedia, Google Inc. provides fiction audiobooks in the market. In 2021, RBmedia released over 7,500 audiobook titles across its 10 audio brands across the globe. The figure for 2021 was the highest recorded so far and more than 3.5 times higher than the number reported five years earlier in 2017, when the company released over 2,100 audiobooks.

Regional Outlook

The global audiobook services market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). During the forecast period, the Asia Pacific market is expected to account for a significant revenue share, with China and Japan leading the regional market share. The availability of non-English publications, as well as several regional languages, is a key driver that has the potential to drive market growth in this region.

Global Audiobook Services Market Growth, by Region 2022-2028

Source: OMR Analysis

The North America Region is expected to Hold Prominent Share in the Global Audiobook Services Market

Among all regions, the North America region is anticipated to emerge as the prominent regional market over the forecast period. In a recent poll from the American Audiobook Publishers Association found that 60% of respondents own a smart speaker, and 46% of smart speaker owners have used it to listen to an audiobook, which is up 31% from 2018. Although the automobile is still the number one place where people listen to audiobooks, the home is where audiobooks are played for longer durations. Various music service provider companies are now expanding their services in audiobook. For instance, in November 2022, Spotify announced that US users will be able to purchase and listen to more than 3,00,000 audiobook titles, making the platform a true all-in-one destination for everyone’s listening needs. Meanwhile in Canada, in 2019, 5% of book purchases were audiobooks, which is up from 3.6% in 2018. Hardcovers accounted for 24% of purchases, which is down from 25.9% in 2018.

Market Players Outlook

The major companies serving the global audiobook services market include Apple, Inc., Amazon.com, Inc., Google LLC, Audible Inc., Barnes & Noble Booksellers, Inc., Downpour, Scribd and librivox. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new technology launches, to stay competitive in the market. For instance, in December 2022, RBmedia announced the partnership with Lee & Low Books Inc., the largest multicultural children’s book publisher in the US. According to this four-year agreement, the company will publish audio editions of Lee & Low Books titles for every age.

The Report Covers

Market value data analysis of 2021 and forecast to 2028.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global audiobook services market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.