Audio Book Market To Reach USD 19.39 Billion By 2027 | CAGR of 27.0%
A penetration for the audible contents of books coupled with growing internet availability and IoT revolution propelled the market demand by many folds.
Market Size – USD 2.84 Billion in 2019, Market Growth – CAGR of 27.0%, Market Trends – Increase in demand for the suspense & thriller audiobooks and iconic personalities as the narrators.
The Global Audio Book Market is forecast to reach USD 19.39 Billion by 2027. market is currently observing an enormous growth as many consumers are being inclined to listen to the audible version of books, novels, poetry of different genres. A positive side of consumer behavior has been observed as many book readers are preferring to get rid of the physical form of books & E-books and opting for the audiobooks. Magnificent narrating quality, an entrancing collection of stories, availability of a vast collection of renowned books, incorporating the voice of the legendary personalities, smooth user interface specially designed for the elderly customers, wide availability of the app in various operating system platform, facilitating the indie authors & narrators financially and helping them to produce newer contents are some of the initiatives that are being followed by many players and growing companies in the market.
Audible, Inc., an Amazon-owned audiobook company, after about a year the company made its debut in the country India, placed a remarkable marketing and business strategy. Audible recently offered their customers engaging stories from various genres, recorded by the voices of extremely famous celebrities and personalities in this country. Iconic voice plays a pivotal role in gaining more and more listeners in the audiobook industry. The same strategy worked for Audible, as they already gained a significant amount of new user base for their audiobook app from this country.
The COVID-19 Impact : The Coronavirus outbreak has drastically impacted most of the countries in the world. Leaving its severe effect on the economy, many ICT and semiconductor companies have been largely impacted, and many companies have stopped investing in their R&D for lack of capital investment. The lockdown situation affected the publishers, authors, narrators as they get to reach the studio for their recording.
However, the lockdown situation created a bright-side for the audio books market, as more and more new customers every day opening up their audiobook account to spend their leisure time at home. Also, many indie authors and narrators have started imputing their efforts into audio books.
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Key participants include Audible, Inc, HarperAudio, Brilliance Audio, Oakhill Publishing, Books on Tape, Scribd Inc., Strathmore Artist Papers, Podium Publishing, Oasis Audio, and Graphic Audio, among others are some of the top players in the market.
Further key findings from the report suggest
- Audible, the largest audiobook publishers in the world owned by Amazon, recently unveiled that they are developing a machine-learning-based transcribed Audible captions for their audiobooks. Audible believed that one of the best ways to engulf the content is to read and listen. This feature would remarkably be helpful for many of their users, as many of them face issues with different accents of a language. In addition to the audible narrations, they could get to read the captions right away.
- Audiobook companies are also focusing on the local content as this is the way they could accumulate plenty of new users who are more inclined to the local content. It’s been observed mostly among the countries to have a majority of multilingual native language speakers. For instance, Audible, in the year 2018, when it launched its business entity in India, included a curated selection of about 400 the company exclusive titles by many well-known authors in the country.
- Last year, Podium Publishing signed contracts with some of the top-level audiobook authors and narrators, namely, Harmon Cooper, Craig Alanson, Richard Fox, Luke Daniels, and R.C. Bray, and covered all the costs of production to set them free to concentrate on providing with the quality content.
For the purpose of this report, Reports and Data have segmented the global Audio Book Market on the basis of the technology, sales channel, type, end-use verticals, and region:
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/audio-book-market
Genre Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
- Suspense & Thriller
- Personal Grooming & Motivational
Platform Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
- Smartphone Application
- Desktop Application
Age Group Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
- Below 25
- 25 to 34
- 35 to 55
- 56 & Above
End-Use Verticals Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
- Employed Professional
Regional Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
- North America
- Asia Pacific
- Latin America
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Key questions addressed in the Report:
- Which key factors are expected to hamper global market growth during the forecast period?
- Which application segment revenue is expected to expand at a rapid CAGR between 2021 and 2027?
- Which regional segment is expected to account for largest revenue share over the forecast period?
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