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The Global Audio Book Market is forecast to reach USD 19.39 Billion by 2027. market is currently observing an enormous growth as many consumers are being inclined to listen to the audible version of books, novels, poetry of different genres. A positive side of consumer behavior has been observed as many book readers are preferring to get rid of the physical form of books & E-books and opting for the audiobooks. Magnificent narrating quality, an entrancing collection of stories, availability of a vast collection of renowned books, incorporating the voice of the legendary personalities, smooth user interface specially designed for the elderly customers, wide availability of the app in various operating system platform, facilitating the indie authors & narrators financially and helping them to produce newer contents are some of the initiatives that are being followed by many players and growing companies in the market.The COVID-19 Impact: The Coronavirus outbreak has drastically impacted most of the countries in the world. Leaving its severe effect on the economy, many ICT and semiconductor companies have been largely impacted, and many companies have stopped investing in their R&D for lack of capital investment. The lockdown situation affected the publishers, authors, narrators as they get to reach the studio for their recording.
However, the lockdown situation created a bright-side for the audio books market, as more and more new customers every day opening up their audiobook account to spend their leisure time at home.
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Key participants include Audible, Inc, HarperAudio, Brilliance Audio, Oakhill Publishing, Books on Tape, Scribd Inc., Strathmore Artist Papers, Podium Publishing, Oasis Audio, and Graphic Audio, among others are some of the top players in the market.
For the purpose of this report, Reports and Data have segmented the global Audio Book Market on the basis of the technology, sales channel, type, end-use verticals, and region:
Genre Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
• Education
• Fiction
• Biography
• Professional
• Comedy
• Historical
• Romance
• Suspense & Thriller
• Memoir
• Personal Grooming & Motivational
• Miscellaneous
Platform Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
• Website
• Smartphone Application
• Desktop Application
• Others
Age Group Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
• Below 25
• 25 to 34
• 35 to 55
• 56 & Above
End-Use Verticals Outlook (Revenue: USD Billion; Volume: Million Units; 2017-2027)
• Student
• Employed Professional
• Homemaker
• Retirees
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Regional Outlook (Revenue in USD Million; 2016–2026)
• North America (United States, Canada and Mexico)
• Europe (Germany, France, UK, Russia and Italy)
• Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
• South America (Brazil, Argentina, Colombia)
Further key findings from the report suggest
• Audible, the largest audiobook publishers in the world owned by Amazon, recently unveiled that they are developing a machine-learning-based transcribed Audible captions for their audiobooks. Audible believed that one of the best ways to engulf the content is to read and listen. This feature would remarkably be helpful for many of their users, as many of them face issues with different accents of a language.
• Audiobook companies are also focusing on the local content as this is the way they could accumulate plenty of new users who are more inclined to the local content. It’s been observed mostly among the countries to have a majority of multilingual native language speakers. For instance, Audible, in the year 2018, when it launched its business entity in India, included a curated selection of about 400 the company exclusive titles by many well-known authors in the country.
Key Benefit of Audio Book Report:
• – Meticulous analysis of the key aspects of the market that influence the trends and future of the Audio Book market. Also, the opportunities and threats in the market and weaknesses and strengths of the players operating in the market.
• – Analysis of key player’s strategic initiatives and competitive developments, such as joint ventures, mergers, and new product launches in the market.
• – Global, regional, country-level market size and their forecast.
• – Identification of key market players and comprehensively analyze their market share and core skills, key products, detailed financial positions, and unique selling points.
• – Expert discussions and their insights on market change, current and future outlook, and factors impacting vendor’s short term and long term strategies.
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