An audiobook is a transcription of a book or other work being read aloud. Technological advances in production have led to digital recording, e-mail delivery of documents, and usage of tablets instead of hard copy texts. The expansion of home studios for narrators have also shortened the time taken to manufacture audiobooks and reduced manufacturing costs. However, the effect of coronavirus has directly hindered the growth of the audiobooks market. As a consequence of the coronavirus lockdown, majority of classrooms, universities, academic institutions, and commercial entities have closed down, which significantly hampers the market for audiobooks.
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Global Audiobooks Market: Dynamics
- Increase in younger listener inventory
- Currently, the trend is toward a younger and increasing user base for audiobooks. This is an important optimistic development for the sustainable growth of the industry. The younger consumer is expected to influence their growing families, probably transforming a non-listener into a listener. Younger participants can also have an influence on their peers, contributing to a broader group of peers and a greater emphasis on peer opinions by young people. Younger customers may have different listening requirements as well. In the early stages of their careers and their lives, people are more likely to listen to titles that guide them or provide an entry point, while a more skilled person may try pure humor or realistic advice rather than self-improvement. Thus, listening and buying can differ by age demographic, expanding the variety of audio items on sale.
North America Led the Global Market in 2019
- Based on region, the global audiobooks market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
- North America held a dominant share of the global audiobooks market in 2019. It is expected to continue its dominance throughout the forecast period. The U.S. and Canada are major countries that drive the market in this region. The dominance of digital sales is a major factor in the region. Audiobooks are easy to buy and store. Portability, the ability to multi-task, and the ability to listen anywhere the user wishes, are the main drivers that impact the market for audio books. In fact, digital devices such as smartphones are now commonplace, so audiobook exposure is easy and convenient.
- The audiobooks market in Asia Pacific is expected to expand at the highest CAGR during the forecast period. China, India, and Japan are some of the major countries which drive the market in this region.
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Key Players Operating in the Global Market
Key players operating in the global audiobooks market are listed below:
- Amazon
- Kobo
- LibriVox
- Downpour
- Scribd
- OverDrive
- BarnesNoble BooksellersInc
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