The audiobook industry is one of the fastest growing sectors of the publishing industry. With more and more people turning to audiobooks to get their reading fix, it’s no surprise that the audiobook industry is booming.
In this article, we’ll take a look at some of the most interesting audiobook industry statistics and explore how the industry is evolving. We’ll also discuss the implications of these statistics for authors, publishers, and audiobook listeners.
Audiobook Industry: The Most Important Statistics
The fiction genre accounted for 65.0% of the total revenue share in 2021, and the kid’s audiobook segment is expected to experience the fastest expansion with a CAGR of 29.0% during the projection period.
The 2021 Audio Publishers Association (APA) survey indicated that 56% of audiobook listeners were below the age of 45, with 55% of users listening to audiobooks mostly at home and 30% in cars.
Audiobook Industry: Statistics Overview
The global audiobook market was valued at USD 3.08 billion in 2019 and is expected to grow at a CAGR of 24.4% till 2029.
This provides valuable insight into the current and projected size of the market. It also highlights the potential for growth in the industry, which could be beneficial for companies looking to invest in the audiobook industry.
The North American audiobook market is expected to grow during the forecast period due to early technology adoption, presence of leading companies, and large number of smartphone users.
This matters for the audiobook industry as it indicates a potential for growth and expansion in the North American market.
The non-fiction segment of the Audiobook Market is expected to grow at a higher CAGR during the forecast period due to the growing popularity of educational and recreational materials for children and a surge in other genres.
This provides insight into the potential growth of the industry and the types of materials that are likely to be popular in the future.
The fiction genre accounted for 65.0% of the total revenue share in 2021, and the kid’s audiobook segment is expected to experience the fastest expansion with a CAGR of 29.0% during the projection period.
There is potential for growth in the audiobook industry, particularly in the kid’s segment, due to the benefits of audiobooks for kids.
The smartphone is expected to be the dominant device for audiobook consumption, with growth attributed to its ease of access and lightweight capabilities.
This indicates that smartphones are the most preferred device for audiobook consumption, and that this trend is likely to continue in the future.
The digital assistant segment of the audiobook market is expected to grow significantly over the next decade due to the increasing availability of personal digital assistant devices.
The audiobook market is likely to experience significant growth in the near future due to the increasing availability of personal digital assistant devices.
This means that audiobook publishers and distributors should be prepared to capitalize on this growth by investing in digital assistant-friendly content and marketing strategies.
The one-time download of audiobooks is expected to experience a higher CAGR and witness growth during the forecast period due to the surge in consumer preference for single high-quality audio books and discounts offered by enterprises.
The demand for one-time downloads is increasing, which could lead to more revenue for the industry.
The Subscription based channel is the fastest-growing segment in the Straits Research Audiobook Market, and is expected to grow during the forecast period due to the surge in Streaming-Books-On-Demand (SBOD) products and consumer preferences for subscription models over single-time downloads.
This matters in the context of Audiobook Industry Statistics because it indicates that subscription-based models are becoming increasingly popular among consumers, and that the market for audiobooks is growing.
This suggests that audiobooks are becoming more accessible and affordable, which could lead to further growth in the audiobook industry.
The adult segment holds a dominant position in the adoption of audiobooks and is expected to witness growth during the forecast period.
Adults are the main demographic that is driving the growth of the industry. This is important for companies to know, as it can help them to target their marketing efforts towards adults, as well as create products and services that cater to their needs.
Additionally, the statistic also highlights the importance of car entertainment systems in driving the growth of the industry, which can be used to inform companies of the importance of investing in such technologies.
53% of consumers prefer audiobooks while relaxing at home, indicating a potential increase in subscription numbers and market growth.
Consumers are increasingly interested in audiobooks, which could lead to an increase in subscription numbers and market growth.
This could be beneficial to audiobook publishers, as it could lead to increased revenue and profits.
The 2021 Audio Publishers Association (APA) survey indicated that 56% of audiobook listeners were below the age of 45, with 55% of users listening to audiobooks mostly at home and 30% in cars.
The younger generations are increasingly listening to audiobooks, with the percentage of those under the age of 17 increasing from 35% to 49%.
This indicates that the audiobook industry is growing and that it is important to focus on the younger generations when marketing audiobooks.
Conclusion
The audiobook industry is growing rapidly and is expected to continue to do so in the coming years. With the increasing popularity of audiobooks, it is clear that the industry is here to stay. The statistics show that audiobooks are becoming increasingly popular, with more people turning to them for entertainment and educational purposes.
With the convenience and accessibility of audiobooks, it is no wonder that the industry is booming. It is clear that the audiobook industry is here to stay and will continue to grow in the coming years.
References
1 – https://straitsresearch.com/report/audiobook-market
2 – https://www.businesswire.com/news/home/20220803005684/en/Global-Audiobooks-Market-Size-Share-Trends-Analysis-Report-2022—ResearchAndMarkets.com
3 – https://www.businesswire.com/news/home/20220803005684/en/Global-Audiobooks-Market-Size-Share-Trends-Analysis-Report-2022—ResearchAndMarkets.com
