New York, May 08, 2023 (GLOBE NEWSWIRE) -- The global audiobook market recorded a valuation of USD 4.2 billion in 2022 and is expected to reach USD 39.1 billion by the end of 2032, expanding at a CAGR of 25.7% over the decade. The global audiobooks market mentions the industry that manufactures and distributes audio recordings of books that are designed to be listened to rather than read. This includes both fiction and non-fiction titles and can encompass a vast range of genres & subject matter. The market includes different distribution channels like online downloads, physical media as well subscription-based services.
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Key Takeaway:
- By genre, the non-Fiction segment generated the largest revenue share of 65% in 2022.
- By preferred device, the smartphone segment has dominated the market, and it accounted for the most prominent global revenue of 44% in 2022.
- By target audience, the adult segment generated the largest revenue share of 78% in 2022.
- By distribution channel, the one-time download segment was dominant in the market, with the largest market revenue share of 65% in 2022.
- In 2022, North America dominated the market with the highest revenue share of 44%.
- The Asia Pacific region is expected to grow at a significant CAGR from 2023 to 2032.
Factors Affecting the Growth of the Audiobooks Market
Subscription-based models are becoming most popular among audiobook listeners, with platforms like Audible, Scribd, and Audiobooks.com offering unlimited access to a library of titles for a monthly fee. This model offers listeners the most flexibility and value for their money & encourages them to explore new authors & genres. This latest trend is driving the evolution of new voice-based features and integrations that make it easier for users to define and listen to audiobooks.
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Market Growth
The market's expansion can be ascribed to a few variables, such as the rising use of digital technology, the expansion of subscription-based business models, and the popularity of non-fiction books. Additionally, as individuals spend more time at home and look for additional entertainment and educational options, the COVID-19 pandemic has accelerated the expansion of the audiobook sector. Additionally, the convenience of audiobooks and the growing availability of different content options have made them a preferred option for customers. As more publishers and writers invest in creating audiobooks and as the latest technologies emerge to enhance the audiobook listening experience, the industry is anticipated to continue expanding.
Regional Analysis
North America will dominate the worldwide Audiobooks Market. The North American market for NaaS solutions is the largest, owing to the widespread use of cloud computing and digital transformation projects. The region boasts a thriving IT infrastructure and a plethora of NaaS providers.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 4.2 billion |
| Market Size (2032) | USD 39.1 billion |
| CAGR (from 2023 to 2032) | 25.7% |
| North America Revenue Share | 44% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
When reading while traveling, audiobooks provide a practical option. They allow users to manage their time more efficiently because they may be listened to while driving, exercising, or doing other activities. Owing to the convenience of audiobooks as a method of accessing books on mobile devices, the number of consumers using digital media is continuing to increase. Digital audiobook platforms and sellers have increased as a result of this.
Market Restraints
Not all books are accessible as audiobooks. Owing to the expense and lengthy production process, few publishers decide not to make audiobooks. The price of audiobooks is frequently higher than that of printed books or digital versions, which deters few customers from buying them. In a few areas with limited handling of digital technology and audiobook platforms, audiobooks are not as universally accessible as print or digital books.
Market Opportunities
The audiobook business is expanding, and there is a considerable opportunity to expand into new markets, particularly in areas with poor audiobook penetration. To expand audiobook consumption, publishers & distributors can translate and alter current content to cater to local consumers as well as spend on marketing and distribution initiatives. With the rise of subscription-based platforms and rising competition among audiobook distributors, investing in original audiobook material may help businesses differentiate themselves and attract new clients.
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Report Segmentation of the Audiobooks Market
Genre Insight
The non-fiction sector is predicted to be the most profitable in the global audiobooks market, accounting for 65% of revenue over the forecast period. Because the non-fiction audiobook industry is diversified, spanning a wide range of genres and themes. Self-help and personal development audiobooks, as well as business and financial audiobooks for professionals, remain popular. History and biography audiobooks are also popular among individuals who want to learn about historical events and significant people.
Preferred Device Insight
With a market share of 44%, smartphones dominate the chosen device category in the audiobooks industry. Because of their mobility and ease, smartphones are a popular choice for listening to audiobooks. More audiobook applications for smartphones are now available, allowing listeners to conveniently access and download audiobooks while on the go.
Target Audience Insight
In the anticipated period, the adult segment leads the market with a revenue share of 78%. Because the adult audiobook section comprises audiobooks intended for adults, the material ranges from popular fiction and nonfiction to specialized areas such as self-help, business, and history. Adults who like reading but have little time to commit to reading prefer audiobooks because they can listen to books while commuting, working out, or performing other duties.
Distribution Channel Insight
With a market share of 65%, the one-time download segment dominates the audiobooks distribution channel category. Because the one-time download is a traditional audiobooks distribution method in which consumers purchase or download audiobooks directly from internet merchants such as Amazon's Audible or Apple's iTunes. Once the audiobook is downloaded, the listener owns it for life and may listen to it whenever and wherever they like.
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Market Segmentation
Based on Genre
- Fiction
- Non-fiction
Based on the Preferred Device
- Smartphones
- Laptops and Tablets
- Personal Digital Assistants
- Other Preferred Devices
Based on Target Audience
- Kids
- Adults
Based on Distribution Channel
- One-time Download
- Subscription-Based
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
In the audiobooks market, there are several key players that are vying for market share and trying to differentiate themselves through various strategies. In the audiobooks market, some of the key players include Amazon-owned Audible, Apple Books, Google Play Books, Kobo, and Scribd. Each of these players has a unique approach to the market, with different pricing models, content libraries, and target audiences.
Key Market Players
- Apple Inc.
- Audible Inc
- Barnes & Noble Booksellers Inc.
- Google LLC
- PLAYSTER
- Rakuten Group Inc.
- Storytel AB
- F.Howes Ltd.
- Other Key Players
Recent Development of the Audiobooks Market
- In December 2021, Rakuten launched a new business division called Rakuten Insurance, which offers various insurance products and services to its customers in Japan.
- November 2021, Rakuten announced the acquisition of LIFULL Co., Ltd., a Japanese real estate information and transaction platform, to expand its services in the real estate industry.
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