Audiobook Industry Statistics 2020

audiobook industry statistics 2020

Audiobooks are one of the most popular ways to read, especially in a busy world. This form of reading is growing fast, passing ebook revenue in 2021, and expected to double its share of global book publishing revenue by 2030. While there aren’t exact figures available on how many audiobooks are sold, we can see the trend by looking at the revenue generated. The biggest player in the industry is Audible, which generates a significant portion of revenue for the sector.

While the market is expanding at a rapid rate, there are a few challenges facing the industry as a whole. The most challenging aspect is finding creative marketing strategies to engage consumers. However, as the market grows, more consumers are turning to audiobooks to help them stay informed on current events and issues. As a result, the industry is gaining momentum with the help of innovative marketers.

The industry is also evolving with the advent of new technologies such as smart homes and personal digital assistants. These devices are enabling the user to access audio books on a variety of platforms. This has triggered the growth of the industry, as people can now listen to their favourite book while travelling, working, and exercising. This has opened up a wide opportunity for the players in this industry.

Moreover, the industry is witnessing the surge in popularity of children’s audio books. This is primarily due to the rising awareness among parents regarding the benefits of offering their kids with screen-free content to educate them in a productive way. The increasing availability of these books in various regional languages is another factor fuelling the market.

Additionally, the industry is experiencing a growth in comedy genre audiobooks. The demand for these kinds of products has increased in recent years, and this is mainly because people enjoy listening to humorous stories to relax their minds and reduce stress. This has encouraged companies to produce more comedy-based content, and this has also contributed to the overall growth of the industry.

Lastly, the industry is seeing a surge in subscription-based audiobook services. This is primarily due to the ease of access that such services offer to users. These services allow the users to choose from a list of audiobooks that are offered by different vendors, and they can select the ones they would like to listen to according to their preference. Moreover, these services also help the users in maintaining a record of their choices and make it easier to retrieve them when needed. Audible, Inc., HarperAudio, Oakhill Publishing, Books on Tape, and Scribd Inc are some of the major players in the industry. Other notable names include Serial Box, Awesound, Chaptter, and SaveToListen. The industry is also characterized by the presence of many other small and medium-sized players. These companies are offering audiobooks at competitive prices in order to attract the customers and increase their customer base. In addition, they are also providing free trial offers to customers in order to promote their products and services.