Global Audiobooks Market Research Report: Forecast (2024-2030)

Market Definition

An audiobook is an audio recording of a book, typically in a spoken-word format, allowing listeners to experience the content of a book through sound. It is a popular alternative to reading printed or digital text and offers several advantages, such as accessibility for individuals with visual impairments, the convenience of multitasking, and others. An audiobook could be downloaded on various devices and also streamed online. Audiobooks are available in different genres, targeting a wide range of audiences, including adults and kids.

Market Insights & Analysis: Global Audiobooks Market (2024-30):

The Global Audiobooks Market size was valued at around USD 6.8 billion in 2023 and is projected to reach around USD 31.6 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 26.4% during the forecast period, i.e., 2024-30. The market growth is driven by the rapid digitalization and increasing penetration of smartphones, tablets, etc., across the globe propelling audiobook subscriptions and adoption. The rising middle-class population and increased affordability, have been propelling the adoption of smartphones and other consumer electronics, including tablets, laptops, etc., worldwide. Additionally, the availability of these products at various price ranges further boosts their adoption across the globe. For instance,

• In 2023, according to the Global System for Mobile Communications (GSM), around 55% of the population across the globe own smartphones.

Audiobooks are often available & attended digitally on a tablet, mobile, or computer, ensuring copyright protection & reducing distribution costs. The integration of play, pause, forward, and rewind features has enabled users to conveniently access their audiobooks anywhere and anytime, making them more appealing than their hardcover counterparts. The advancement in digital technologies, including IoT and AI has made audiobooks and audiobook deals more accessible through online platforms and mobile devices by leveraging consumer-specific data and providing personalized suggestions for preferred audiobook deals and audiobook subscriptions, augmenting market growth.

Moreover, the surging adoption and popularity of various streaming applications and platforms, such as Spotify, Google Play Book, Apple Book, etc., has been leading to the rising consumer inclination towards audiobooks and audiobook services. The availability of these platforms on phones, tablets, etc., gives the consumer an ease of listening via audible audiobook player, leading them towards their favorite books as per their time schedules. Besides, the streaming platforms provide user-friendly experiences with their subscription-based model granting access to a wide range of books. Moreover, the audiobook streaming applications have a wide consumer base which results in more penetration of audiobooks and audiobook players to consumers. For instance,

• In 2023, Spotify Premium subscribers in the UK and Australia were able to access up to 15 hours of audiobook content per month from more than 150,000 titles and no additional costs.

Thus, as streaming platforms invest in delivering a wide range of audiobooks, at different pricing and audiobook subscription modules, the inclination of consumers towards listening to audiobooks and adopting audiobook deals is surging tremendously propelling the growth of the Audiobooks Market.

Furthermore, the audiobook industry has been revitalized by the engagement of talented narrators, including authors, actors, and voice professionals, enhancing the overall listening experience. Thus, the booming popularity of self-help, education, and non-fiction audiobooks has attracted a diverse audience, contributing to the audiobook market size. All this, in turn, has resulted in a wide consumer base for audiobooks available on different platforms from various audiobook companies, propelling the growth of the Global Audiobooks Market.

Global Audiobooks Market Driver:

High-Speed Internet Availability & Cost-Effective Data Plans to Drive Audiobook Industry– The increasing urbanization and technological advancements in the telecommunication industry worldwide have been surging internet penetration & high-speed internet availability to consumers. With countries developing robust telecommunication infrastructure, the adoption of fast and reliable internet is escalating significantly. Moreover, telecommunication companies are providing cost-effective data plans with monthly and annual subscriptions which are heightening the adoption of internet services among consumers. With telecommunication companies providing offerings like unlimited data, 5G data plans, and prepaid & post-paid services, the adoption of the internet has become easy and convenient for consumers that too on lower costs. For instance,

• In 2023, Bharti Airtel announced the launch of unlimited 5G data for its customers with a data plan starting from only Rs. 239/month. (USD 2.89)

The high internet speed is a crucial factor propelling the growth of audiobooks among consumers. Audiobook streaming platforms require reliable data for downloading and instant access to audiobook libraries and audible audiobook players. The platforms use cloud technologies to store vast amounts of audiobook data, and a fast internet connection is essential for downloading entire audiobooks and availing audiobook deals without buffering and any hampering in audio quality. Hence, with the easy availability of high-speed internet at optimum cost structure across the world, the demand is propelling, providing easy access to audiobooks to a large consumer base and boosting the growth & expansion of the Global Audiobooks Market.

Global Audiobooks Market Challenge:

High Competition from Alternate Channels and Media Forms Impeding Market Growth – The competition from other media forms presents a notable challenge for the audiobook industry. Alternate media forms such as physical books, podcasts, e-books, and on-demand streaming services, significantly challenge the adoption of audiobooks and audiobook deals, in terms of consumer interest and free time. Platforms such as Amazon Prime, Netflix, YouTube, etc., have a significant share of consumer attention, as they are well-established entertainment OTT platforms. Consumers, particularly adults, are increasingly inclined towards these platforms, which restrict their attention to audiobooks and audiobook streaming services, restraining their adoption. Moreover, the burgeoning trend of podcasts is emerging as a significant competitor for audiobooks. It provides an alternative auditory experience with free services and a range of topics seeking consumer interests. The wide variety and in-depth information of podcasts attract consumers towards them, which in turn, limits the adoption of audiobooks among consumers.

Moreover, online books or E-books attract a wide percentage of E-readers. Consumers seeking a reading experience without any hassle of carrying some book drive consumers towards E-books, which further mitigates the market share of audiobooks. Thus, even if the audiobook industry has seen substantial growth in recent years, it shares the stage with these alternative entertainment & information sources. This dynamic competition would pose negative implications for the market in the years ahead, which is expected to restrain the growth & development of the Global Audiobooks Market in upcoming years.

Global Audiobooks Market Trend:

Integration of Artificial Intelligence (AI) Gaining Traction in the Audiobook Industry – The integration of AI with audiobook services is emerging as a significant market trend in the audiobook market globally. AI and IoT technologies enhance the overall user experience by providing tailored recommendations and personalized suggestions. The technologies provide consumers with audiobook suggestions based on their previous choices and listening habits, which helps consumers discover audiobooks as per their tastes. By leveraging AI algorithms, companies such as Amazon, Apple, Google Play Books, etc., analyze a user’s past interactions with their platforms for audiobooks to recommend content that aligns with their interests, ultimately enhancing user engagement and satisfaction.

Moreover, AI voice assistants such as Alexa, Google Assistant, Siri, etc., enable seamless access to a wide range of audiobooks to consumers by voice commands further increasing user-friendly experiences and prompting individuals towards audiobooks. In addition, companies leverage AI technologies to narrate the entire story of an audiobook, which further provides consumers with options for the voice selection of the narrator. For instance,

• In 2023, Apple Books launched its AI-narrated audiobooks available for romance and fiction books, where it listed two available digital voices: Madison and Jackson.

Thus, the better consumer experience coupled with cost-effectiveness and technological advancements are leading to a significant adoption of AI technologies in the audiobook industry serving as a significant market trend and mounting the growth of the Global Audiobooks Market.

Global Audiobooks Market (2024-30): Segmentation Analysis

The Global Audiobooks Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It includes predictions for the period 2024–2030 at the global level. Based on the analysis, the market has been further classified as:

Based on Genre:

• Fiction
• Non-Fiction

Out of them both, the non-fiction segment is poised for a substantial market share in the Global Audiobooks Market driven by rising consumer demand for non-fiction books and real-life stories.  Non-fiction audiobooks are high in demand driven by growing consumer interest in books related to self-improvement, personal development, and learning new skills. Consumers are increasingly turning to non-fiction audiobooks for educational and informational content, escalating their knowledge and skill set. Moreover, the availability of audiobooks concerning consumer interest, including topics such as history, politics, biographies, etc., further escalates the adoption of non-fiction books among consumers. In addition, many non-fiction audiobooks are narrated by well-known and popular celebrities, audiobook publishers, or authors themselves, which adds a personal touch and enhances the overall appeal of these audiobooks to consumers, upsurging their adoption.

Moreover, the marketing and publicity of non-fiction books by authors on various streaming platforms, including podcasts, social media, etc., further lead to the adoption of non-fiction books. Audiobook providers such as Apple, Google, etc., provide information about their non-fictional top sellers and popular audiobooks, which leads to the popularity of these books among consumers, ultimately fueling the market growth of the non-fictional segment in the Global Audiobooks Market.

Based on Target Audience:

• Kids
• Adults

Based on the target audience, the adult segment holds a considerable market share in the Global Audiobooks Market driven by the wide availability of a diverse range of genres and titles of audiobooks catering to adult audiences. Adults have diverse and sophisticated content preferences in audiobooks, with fictional and non-fictional content. This includes the best-seller books along with popular and professional self-help publications, ultimately expanding their engagement with the audiobooks on the internet. Moreover, adults often have busy lifestyles, with no or limited time to read physical books. Audiobooks offer convenience to consumers, by enabling them to listen to audiobooks in their hectic schedules. This, in turn, leads to increasing demand for audiobooks among adults, enabling them to listen to their favorite books and stories while traveling, eating, etc., propelling their adoption among adults.

In addition, the rising trend of end-less learning and self-improvement among adults is leading them to opt for informative and knowledgeable books, prompting them to listen to audiobooks and surging audiobook publishing worldwide. Consumers focusing on self-improvement and motivational reading, further adopt audiobooks boosting the market growth of the Global Audiobooks Market.

Global Audiobooks Market (2024-30): Regional Projections

Geographically, the Global Audiobooks Market expands across:

• North America
• South America
• Europe
• The Middle East and Africa
• Asia-Pacific

Based on geography, North America witnessed a significant market share in the Global Audiobooks Market driven by high internet penetration rates and changing consumer preferences towards digitalization and technology adoption. Countries have advanced technological infrastructure, providing widespread access to different digital platforms, making it easier for consumers to download and listen to audiobooks. Moreover, the high working population and busy lifestyles of consumers in North America align perfectly with audiobook streaming while going out, walking, traveling, etc., which further accelerates the adoption of audiobooks. Moreover, the presence of major audiobook companies such as Amazon.com, Inc., Apple Inc., Google LLC, and Barnes & Noble Booksellers, Inc., in the region drives significant expansion and innovation through new platforms for audiobooks, and audiobook software in the market by providing extensive audiobook libraries and user-friendly platforms, attracting a large consumer base.

Furthermore, the region boasts a strong publishing industry with a high output for new book launches and a large population of authors, narrators, audiobook creators, etc., ensuring a steady supply of innovative and high-quality content for producing audiobooks. Thus, consumers in the region have a strong interest in book reading, making them well aware of new publications, content, and book launches. The audiobook publishers, provide all these new books in audiobook format to cater to this increasing demand for the latest publications, which propels the inclination of consumers towards audiobooks and audiobook deals, driving the growth of the Global Audiobooks Market. This surge in the adoption of audiobooks with both fictional and non-fictional content is emerging as a significant factor responsible for the growth of the audiobook industry in North America.

Global Audiobooks Industry Recent Development:

• 2023: Amazon Inc., launched a new feature called ‘Your Books’ that lets users see their entire digital, physical, and audiobook collection from a single window.
• 2023: Google Play Books partnered with Frankfurt-based Bookwire for the broader automated production of audiobooks.

Gain a Competitive Edge with Our Global Audiobooks Market Report

1. Global Audiobooks Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. Global Audiobooks Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.