According to an Audio Publishers Association’s Sales Survey, publishers’ audiobook revenue increased by 10% in 2022 to $1.8 billion. This represents a double-digit growth in the 11th straight year. For 2022, the 28 member publishers of the Audio Publishers Association (APA) reported a 10% increase in overall audiobook revenue, driving a total of $1.8 billion in sales for the past year.
Another recent consumer survey conducted by Edison Research shows a significant growth in the audiobook listening market. The survey findings reveal that half of the 18+ U.S. population has ever listened to an audiobook; of those, 57% of listeners are aged 18-44. This means the majority of audiobook listeners are young.
The survey identified 29% of audiobook listeners as Hispanic or African American. This suggests increased diversity among audiobook listeners.
Audiobooks are growing in popularity as the most preferred book reading format. Readers increasingly like audiobooks because they don’t have to set aside time to read books. They can tune in to audiobooks while commuting, doing house chores, or doing anything else. Even during the pandemic era, when print books became more popular, audiobooks still grew by over 10%.
Future projections about audiobooks also indicate massive growth in the audiobook market. In 2027, the audiobook share in the global publishing market will go over 10% for the first time.
According to audiobook statistics by WordsRated, in 2027, the audiobook share in the global publishing market will reach over 10% for the first time. By 2030, audiobooks will account for over 21.3% of the overall global book publishing revenue.
The audiobook industry is expected to reach US$ 39.1 billion in 2032, especially due to the rising usage of smartphones, laptops, and tablets.
With $1.01 billion in revenue from audiobook sales and subscriptions, Audible accounts for over 63.4% of the U.S. audiobook market. This means Audible is the most popular platform for listening to audiobooks.
Navkiran Dhaliwal is a seasoned content writer with 10+ years of experience. When she's not writing, she can be found cooking up a storm or spending time with her dog, Rain.
