Global Audiobooks Market to Grow at a CAGR of 24.0% During the Period 2024-2032, Driven by Convenience Afforded by Audiobooks

The global audiobooks market is expected to grow due to attractive offerings from audiobook service providers, broadened range of listening alternatives (smartphones, tablets, desktops, smart speakers, etc.), convenience afforded by audiobooks, and rising audiobook listenership. Asia, Oceania, North America and Europe are expected to be key markets.

With a rise in the number of people taking to audiobooks, several authors have started producing only audio books or audio-first books. The paid audiobooks segment has also witnessed growth. India and China have emerged as fast-growing markets. Several users have adopted audiobooks to reduce their time spent looking at computer and mobile screens. Several audiobook platforms have introduced new formats to widen their library. For example, Pocket FM launched audio fiction shows which significantly drove listenership. Storytel included eleven languages to reinforce its regional library portfolio. This has helped the platform reach out to those interested in regional literature but either are somehow unable to read.

With increase in demand for audiobooks, supply of audiobooks has also increased. In 2018, Apple introduced Apple Books, a new app providing iPhone and iPad users an easy and appealing way to discover and enjoy books and audiobooks. The Apple Books app would replace iBooks with the launch of iOS 12.

In 2020, Apple News introduced new audio features, expanding local news offerings for readers. Novel features for Apple News and Apple News+ included audio stories of select feature stories from Apple News+, and local news collections (initially in five cities and regions, intended to expand to more areas in future).

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In 2022, Fresh Produce Media, signed a first look development and production deal with Audible according to which, Fresh Produce would create several scripted and documentary audio series across a wide range of Audible verticals. The genres would include arts and entertainment, music storytelling, wellness, true crime, science fiction, and others.

In 2019, Audible opened its new studios in Paris to host recordings of Audible Originals titles and Audible productions. The opening of the Audible Studio in Paris was an effort to offer French listeners distinctive audio programming.

In 2021, QuiverTree Media collaborated with Audible to offer better digital spoken-word entertainment. Audible sought to boost visibility of its subscription channel across Europe, accessing inflight audiences with QuiverTree Media. The collaboration strengthened Audible’s offer for the territory, offering passengers a unique chance to discover exclusive audiobooks and podcasts in a captive inflight environment.

In 2022, Barnes and Noble created the Nook Audiobooks app for Android and iOS. The company announced that would discontinue their audiobook app and integrate everything into the main Nook app.

In 2018, Google launched a new audiobook service - Google Play Books - to compete with Amazon-owned Audible. The platform would allow readers across 45 countries to play audiobooks purchased through the service on multiple platforms, including Google Home, Google’s popular smart speaker.

Key Findings of the Report:

• Increasing audiobook listenership and attractive offerings from audiobook service providers are expected to drive the market. 

• Advancements in technology and growth of audiobook platforms are likely to help market growth. 

• Asia, North America and Europe are projected to be key markets.

Market Analysis by Genre, Preferred Device, Distribution Channel, Target Audience and Region:

• By genre, the market is segmented into Fiction and Non-fiction.

• By preferred device, the market is classified into Smartphones, Laptops and Tablets, Personal Digital Assistants, and Others.

• By distribution channel, the market is classified into One-time Download and Subscription-based.

• By target audience, the market is segmented into Kids and Adults.

• By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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