Audiobook Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 7.04 Billion |
| Market Size (2029) | USD 11.76 Billion |
| CAGR (2024 - 2029) | 10.81 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Audiobook Market Analysis
The Audiobook Market size is estimated at USD 7.04 billion in 2024, and is expected to reach USD 11.76 billion by 2029, at a CAGR of 10.81% during the forecast period (2024-2029).
The popularity and expansion of audiobooks can be attributed to the advent of the podcast, which will continue to attract new listeners of all ages. People already listen to audiobooks in cars, at work, on public transportation, and at the gym, as the ability to listen to books while multitasking in various other ways attracts new listeners.
- An audiobook records a reading text orally, either word for word or shortened. It is a helpful alternative to regular books and a vital source of information for the visually impaired. The majority of digital devices can play audio formats like MP3 files, and companies such as Google Books and Amazon provide access to large libraries of books.
- Audiobooks have become popular as smartphones become more ubiquitous, allowing users to enjoy them anytime and anywhere. Digital technology advancements have further facilitated this trend, making audiobooks easily accessible on online platforms and mobile devices, accelerating market growth. Additionally, with the rise of internet penetration, the audience base has expanded, providing lucrative growth opportunities.
- Digital transformation technologies are set to drive innovation in the market. These advancements have transformed the creation, distribution, and usage of audiobooks. Additionally, incorporating advanced technologies like the Internet of Things (IoT) and Artificial Intelligence (AI) has streamlined the process for customers to access audiobooks. Furthermore, AI has enriched the user experience by offering personalized recommendations tailored to individual preferences.
- Market growth is being propelled by companies expanding into new countries. In October 2024, Spotify broadened its audiobook services to include France, Belgium, the Netherlands, and Luxembourg, granting immediate access to its premium subscribers. These Spotify premium subscribers now enjoy a selection of approximately 200,000 audiobook titles, a move spurred by the surging demand for audiobooks. While titles not included in the premium selection can be purchased individually, even non-premium listeners in these countries have the option to buy any audiobook title on Spotify.
- Securing audiobook production and distribution rights is challenging and expensive. As a result, many sought-after titles remain elusive in the audiobook realm, hindered by copyright and licensing constraints the market.
Audiobook Market Trends
Smartphones Device Segment is Expected to Hold Significant Market Share
- Smartphones allow users to listen to audiobooks on the go, making it easy to incorporate listening into daily routines such as commuting or exercising. Audiobook apps are widely available on iOS and Android platforms, making it easy for users to access a vast library of titles.
- Smartphones facilitate the streaming and downloading of audiobooks, catering to different user preferences. Streaming allows instant access, while downloading is ideal for users who want to listen offline.
- Popular audiobook apps are designed for mobile use, allowing users to easily browse, subscribe, and listen to audiobooks directly from their smartphones. This convenience encourages more users to try audiobooks.
- Many smartphones integrate with smart speakers and other devices, allowing for accessible listing at home or in the car, further expanding the potential audience. Rising cultural trends toward storytelling, driven by podcasts and other audio content, have naturally translated into increased interest in audiobooks.
- As smartphone usage continues to grow, it is likely to expand the audiobook market further, attracting a diverse range of listeners and driving innovations in the industry. According to GSMA, in 2023, the global smartphone penetration rate reached an estimated 69%, an increase from the previous year. This figure is based on approximately 6.7 billion smartphone subscriptions globally, set against a global population of approximately 7.4 billion.
- As smartphones become the primary entertainment devices, consumers can effortlessly access and stream audiobooks via numerous mobile apps and platforms. This shift, coupled with rising internet penetration, has broadened the audience base for audiobooks.
North America is Expected to Hold Significant Market Share
- North America's audiobook market has experienced robust growth, driven by technological advancements, changing consumer preferences, and a broadening range of content. Improvements in mobile technology in the region, including better audio quality and user-friendly interfaces in audiobook apps, have enhanced the listing experience and made audiobook apps, have enhanced the listing experience and made audiobooks more appealing.
- Audiobooks are rapidly gaining traction in North America's publishing landscape. Major regional publishers are investing and making strategic partnerships to establish audiobook recording studios and onboard voiceover narrators, expediting production.
- A key driver behind the surge in audiobook sales is the growing emphasis on localization, enabling audiobooks to be translated and dubbed into multiple languages.
- In July 2024, Bookwire, one of the global leaders in digital distribution for eBooks and audiobooks, entered into a strategic partnership with the Independent Publishers Group (IPG). IPG is one of North America's oldest and largest book distributors. Under this collaboration, both entities will maintain their distinct areas of expertise. IPG will offer its renowned distribution solutions tailored for independent publishers, while Bookwire will concentrate on the global digital distribution of eBooks and audiobooks.
- The range of available titles has expanded, with audiobooks covering genres from fiction and non-fiction to self-help and educational materials. This diversity attracts a wider audience in the region. The growing podcasts have contributed to the increasing popularity of audiobooks in the region. Many listeners who enjoy serialized audio content are more likely to explore audiobooks as an extension of that interest.
Audiobook Industry Overview
The intensity of competitive rivalry in the market is defined as the competition prevailing in the industry among the established players. The degree of competition depends on various factors affecting the market, such as brand identity, powerful competitive strategy, degree of transparency, and firm concentration ratio.
Some of the major players in the market are Amazon.com, Inc., Apple Inc., Blackstone Audio, Inc., Bookmate, and Google Play Books, among others.
The brand identity associated with the companies has a major influence on the market. As strong brands are synonymous with good performance, long-standing players are expected to have the upper hand. The vendors offering advanced audiobook solutions and continuous upgrades in their offerings may be the popular choice for the buyers.
The firm concentration ratio is projected to grow steadily over the forecast period. High dominance by a few market incumbents is expected to be detrimental to the overall profitability of the market. However, the existing market players have a considerable head-start over new entrants. The high prospects and the growing investments and supporting initiatives are expected to increase the competition among the existing market players.
Overall, the degree of competition in the market studied is high during the forecast period.
Audiobook Market Leaders
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Amazon.com, Inc.
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Apple Inc.
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Blackstone Audio, Inc.
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Bookmate
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Google Play Books
*Disclaimer: Major Players sorted in no particular order
Audiobook Market News
- March 2024: OverDrive, one of the leading digital reading platforms catering to libraries and schools, has inked a global distribution deal with Storytel, the global foremost audio content subscription service. Users will gain access to a vast and culturally rich collection of premium audiobooks, totaling in the tens of thousands and spanning 20 languages. This collaboration empowers OverDrive's extensive global network, comprising 92,000 libraries and schools, to present this diverse catalog to millions of readers in their respective communities, fostering discovery and enjoyment.
- January 2024: RBmedia, one of the global largest audiobook publishers, announced its acquisition of Berrett-Koehler's audiobook publishing business. This acquisition encompasses Berrett-Koehler's catalog of previously published titles. Additionally, RBmedia has secured a multi-year agreement to serve as the exclusive audio publisher for Berrett-Koehler's new titles, started in 2024.
Audiobook Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing use of Smartphones and Digital Platforms
5.1.2 Growing Popularity of Audiobooks Among Various Age Groups
5.1.3 Integration of Advanced Technologies
5.2 Market Challenges
5.2.1 Limited Market Penetration in Developing Regions
5.2.2 Licensing and Copyright Difficulties
6. MARKET SEGMENTATION
6.1 By Device
6.1.1 Smartphones
6.1.2 Laptop & Tablets
6.1.3 Personal Digital Assistants
6.2 By Distribution Channel
6.2.1 One-time download
6.2.2 Subscription-Based
6.3 By Genre
6.3.1 Fiction
6.3.2 Non-Fiction
6.4 By Geography***
6.4.1 North America
6.4.2 Europe
6.4.3 Asia
6.4.4 Australia and New Zealand
6.4.5 Latin America
6.4.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Amazon.com, Inc.
7.1.2 Apple Inc.
7.1.3 Blackstone
7.1.4 Bookmate
7.1.5 Google LLC
7.1.6 Audible, Inc. (Amazon.com, Inc.)
7.1.7 Rakuten Kobo Inc.
7.1.8 Penguin Random House
7.1.9 Scribd Inc.
7.1.10 Storytel AB
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OUTLOOK OF THE MARKET
Audiobook Industry Segmentation
Audiobooks are audio recordings of text content, primarily literary works, that are narrated for listeners. These recordings allow individuals to listen to content instead of reading it, presenting a convenient way to consume literature and educational materials. Users can access audiobooks through digital platforms, offering flexibility in engagement.
The audiobook market is segmented by device (smartphones, laptops & tablets, personal digital assistants), distribution channel (one-time download, subscription-based), genre (fiction, non-fiction), and geography (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Device | |
| Smartphones | |
| Laptop & Tablets | |
| Personal Digital Assistants |
| By Distribution Channel | |
| One-time download | |
| Subscription-Based |
| By Genre | |
| Fiction | |
| Non-Fiction |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Audiobook Market Research FAQs
How big is the Audiobook Market?
The Audiobook Market size is expected to reach USD 7.04 billion in 2024 and grow at a CAGR of 10.81% to reach USD 11.76 billion by 2029.
What is the current Audiobook Market size?
In 2024, the Audiobook Market size is expected to reach USD 7.04 billion.
Who are the key players in Audiobook Market?
Amazon.com, Inc., Apple Inc., Blackstone Audio, Inc., Bookmate and Google Play Books are the major companies operating in the Audiobook Market.
Which is the fastest growing region in Audiobook Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Audiobook Market?
In 2024, the North America accounts for the largest market share in Audiobook Market.
What years does this Audiobook Market cover, and what was the market size in 2023?
In 2023, the Audiobook Market size was estimated at USD 6.28 billion. The report covers the Audiobook Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Audiobook Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Audiobook Industry Report
Statistics for the 2024 Audiobook market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Audiobook analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
