Dublin, Aug. 15, 2023 (GLOBE NEWSWIRE) -- The "Global Audiobook Services Market 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global audiobook services market is expected to witness significant growth, with a projected CAGR of 25.2% during the forecast period. The rising popularity of audiobooks can be attributed to factors such as convenience, accessibility, narration quality, and availability of subscription services. The number of audiobooks published has steadily increased, with over 60,000 titles released in 2020 alone, according to a report by the Audio Publishers Association.
The increasing adoption of smartphones and tablets, along with the emergence of subscription-based audiobook services like Audible and Scribd, has made audiobooks more affordable and accessible to a wider audience. Audible has published over 100,000 audiobooks, while Scribd offers a monthly subscription for $11.99. The selection of non-English-language titles is also expanding, with Audible offering titles in over 180 languages.
The market is segmented based on genre, application, and customer. The fiction audiobook sub-segment is anticipated to hold a significant share of the market due to the high demand for various fiction genres, including historical fiction, romance, thrillers, and children's fiction. Advanced technologies, such as AI-narrated books, are expected to drive the market's growth, making audiobook production more cost-effective and accessible to small publishers and independent authors.
Regional Outlook
The Asia-Pacific region is expected to account for a considerable revenue share, with China and Japan leading the regional market. The availability of non-English publications and regional languages is a key driver in this region. In North America, the adoption of audiobooks is growing steadily, with smart speakers playing an increasingly significant role in audiobook consumption. Home use is becoming a popular way to listen to audiobooks for longer durations.
Market Players
Key companies operating in the global audiobook services market include Apple, Amazon.com, Google, Audible, Barnes & Noble, Downpour, Scribd, and Librivox. These market players are adopting various strategies, such as mergers, acquisitions, partnerships, and new technology launches, to stay competitive in the market. For example, Spotify expanded its services to include more than 300,000 audiobook titles for US users.
Conclusion
The global audiobook services market is witnessing rapid growth, driven by factors like convenience, accessibility, and technological advancements. The increasing popularity of smartphones and subscription-based services has made audiobooks more affordable and appealing to a broader audience. The fiction audiobook sub-segment is expected to hold a prominent share of the market due to the high demand for various fiction genres. As the market continues to grow, companies are likely to focus on advanced technologies and regional expansion to cater to the increasing demand for audiobooks.
Key Topics Covered
1. Report Summary
2. Market Overview and Insights
3. Competitive Landscape
4. Market Segmentation
5. Regional Analysis
6. Company Profiles
A selection of companies mentioned in this report includes:
- Rakuten Kobo Inc.
- OverDrive, Inc.
- Gardners
- Scribd Inc.
- Findaway Voices
- Spotify
- PublishDrive Inc.
- Blinkist
- Librivox
- Hoopla (Midwest Tape)
- Downpour
- Graphic Audio
- RB Media
- Rakuten Inc.
- Storytel
For more information about this report visit https://www.researchandmarkets.com/r/oeuuoc
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
