Audiobooks: The Rising Tide in Entertainment
Digital audio book market's potential growth projected at an impressive 56.09 billion US dollars by 2032.
In the era of smartphones and smart devices, the digital audiobook market is surging, expected to reach staggering heights in the coming years. By 2025, the market is poised to skyrocket to a whopping $10 billion, with a projected growth to an impressive $56.09 billion by 2032.
The Numbers Game
Coherent Market Insights paints a vivid picture with their data, forecasting that fiction titles will firmly grab control of the market, cornering around USD 7 billion in revenue by 2025. The adult category is expected to command over three-quarters of the global digital audiobooks market share by 2025.
In North America alone, the digital audiobook market is expected to be worth around USD 4.75 Bn by 2025, thanks to the escalating frenzy around audiobooks. Meanwhile, the Asian Pacific region is projected to account for more than a quarter of the global audiobook industry in 2025.
The AI-Led Revolution
Producing digital audiobooks has traditionally been a complex and costly proposition, posing significant challenges for smaller publishers. However, the advent of AI is slowly eroding this barrier. In May, Audible announced a significant investment in cutting-edge AI technology, aimed at bolstering production of digital audiobooks. They are introducing novel tools for select publishers as part of an exclusive invite-only program, utilizing AI-driven, end-to-end production technology.
Spotify also jumped into the action in February, revealing plans to accept digital audiobooks from AI software company ElevenLabs. This collaboration empowers authors to narrate their audiobooks in 29 languages, offering complete control over voice and intonation.
The Audiobook Boom
The surging popularity of digital audiobooks can be attributed to the influx of new titles hitting the market each year, as well as the increasing adoption of smartphones and portable devices. With simple download-and-stream accessibility, this trend is set to flourish, particularly in developing regions with growing smartphone and high-speed internet penetration.
The Man Behind the News
Michael Kozlowski
Michael Kozlowski, editor-in-chief at Good e-Reader, has been a pioneer in reporting on audiobooks and e-readers for the last fifteen years. His insights have been featured in notable publications such as the CBC, CNET, Engadget, Huffington Post, and the New York Times. Michael resides in Vancouver, British Columbia, Canada.
- Leveraging advancements in technology, Audible is investing in AI to streamline digital audiobook production, offering novel tools for selected publishers through an exclusive program using AI-driven, end-to-end technology.
- The escalating popularity of digital audiobooks is driven in part by the increase in new titles, as well as the expanding adoption of smartphones and portable devices, leading to simple download-and-stream accessibility that is particularly conducive to growth in developing regions with rising smartphone and high-speed internet penetration.
- While the audiobook market is dominated by fiction titles and the adult category, the involvement of companies like Spotify and AI software firms like ElevenLabs is poised to shift the landscape further, allowing authors to narrate their works in multiple languages, thereby offering more diversified options to readers using e-readers and other digital platforms.
