Growing Number of Audiobook Listeners and Subscription-Based Services to Boost the Audiobook Services Market
The global audiobook services market is anticipated to grow at a considerable CAGR of 20.5% during the forecast period (2023–2030). The key factor behind this growth is the increasing number of audiobook listeners. According to an annual survey conducted by the Audio Publishers Association (APA), a non-profit trade organization in America, 56% of audiobook listeners were under the age of 45 in 2021, a 52% rise from 2020. According to the survey, over 71,000 audiobooks were published in 2020, with the number of youngsters under the age of 17 listening to audiobooks rising from 35% to 49%. As per the same source, a survey conducted in January-February 2022 reported that since 2017, the share of time spent listening to audiobooks has increased by 106% among Americans aged 13 and older.
Browse the full report description of “Audiobook Services Market Size, Share, and Trends Analysis Report by Genre (Fiction and Non-Fiction), by Preferred Device (Smartphones, Laptops and Tablets, and Personal Digital Assistants), and by Service Type (One-Time Download and Subscription-Based), Forecast Period (2023–2030)” at https://www.omrglobal.com/industry-reports/audiobook-services-market
Another factor that is accelerating the market’s growth is the increase in subscription-based audiobook services, new audiobook platform launches, and expansions by key market players. For instance, in March 2023, Telmore, a subsidiary of Nuuday, announced the debut of the second version of its Telmore Play service, which includes a variety of streaming services for the price of a mobile subscription. The new launch is intended to address consumer demand for a more flexible entertainment offering while also being at the forefront of a continually developing market. Telmore Play will offer an audio and e-book service, as well as the music streaming service Telmore Musik, in addition to the five main streaming services for films and series. Additionally, in March 2023, Libro.fm, a digital audiobook platform that contributes a percentage of each audiobook sale to a customer-selected small bookshop, announced that it will debut its audiobook service in the UK, Australia, and New Zealand in July 2023. The North American employee-owned firm will work directly with commercial publishers such as Penguin Random House UK, Simon & Schuster UK, Pan Macmillan, and Hachette UK, as well as indie publishers such as Boldwood, Faber & Faber, and Naxos.
Market Coverage
• The Market Number Available for – 2022-2030
o Base year- 2022
o Forecast period- 2023-2030
• Segment Covered-
o By Genre
o By Preferred Device
o By Service Type
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Amazon.com, Inc. (Audible), Blackstone Audio, Inc., Brilliance Publishing, Dreamscape Media, LLC, Hachette Book Group, Inc., and others.
Key questions addressed in the report
• What is the market growth rate?
• Which segment and region dominated the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected regions and segments
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Audiobook Services Market Report Segment
By Genre
- Fiction
- Non-Fiction
By Preferred Device
- Smartphones
- Laptops and Tablets
- Personal Digital Assistants
By Service Type
- One-time Download
- Subscription-Based
Global Audiobook Services Market Report Segment by Region
North America
• US
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East and Africa
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