The audiobook industry is booming, with global sales tipped to grow by an impressive 26 percent annually. This surge is being fuelled by a combination of rising listener numbers, innovative technology and the growing popularity of subscription-based models.
A Rapidly Expanding Audience
Deloitte forecasts that 270 million people worldwide will be tuning into audiobooks each month, representing a 15 percent increase on last year. They suggest Audiobooks are expected to make up around six percent of all book sales globally, signalling a shift in how audiences consume literature.
Subscriptions Changing the Game
Platforms such as Audible, Spotify, Storytel and Scribd are at the forefront of the audiobook revolution. By offering massive libraries through subscription services, these platforms are bringing audiobooks into the mainstream and reshaping the publishing landscape.
Untapped Global Potential
Companies are also exploring opportunities beyond English-speaking markets via the huge potential in developing local-language catalogues in order to attract new listeners and broaden the industry’s reach.
Direct Relationships
Discoverability and user experience is essential. Experts suggest that publishers could benefit from owning their own platforms, allowing them to build direct relationships with audiences and create more sustainable business models.
What It Means for the Industry
Australia’s publishing and media sectors will find valuable opportunities by leveraging local talent and unique storytelling voices. A strong growth outlook will also present exciting opportunities for publishers, producers, narrators and tech developers.