The audiobook industry is on a roll and is expected to grow even further to reach a staggering USD 19.39 billion by 2027, Digital Journal reported. This translates to a compounded annual growth rate of 27 percent compared to the USD $2.84 billion that the segment was valued at in 2019. Another report from GrandViewResearch too is projecting a compounded annual growth rate of 24.4 percent from 2020 to 2027. Those might be slight differences in percentage points though the bottom line is, audiobooks are in for stupendous growth in the future.
Specifically, the segment received a massive fillip during the pandemic that saw demand for the audiobook format reach new heights. Maybe that was when many had developed the habit of listening to audiobooks and have stuck to that ever since. While it would be interesting to see if the continued rise of audiobooks comes at the expense of e-books in the long run, the overall reading segment offers contrasting and often interesting observations.
For e-books continue to be in favor and have seen a sharp uptick in their demand during the pandemic, outselling even conventional books for the first time ever. However, while that has much to do with most bookstores being shut during the time, the paper books are back to being at the top once the pandemic has eased a bit and bookstores are back in operation. However, it is e-books that bore the brunt of the book’s resurgence.
As things stand at the moment, readers continue to favor conventional books even when there are more modern reading options available in the form of e-books and audiobooks. Audiobooks, on the other hand, have seen double-digit growth for over eight years at a stretch but still have a lot of catching up to do before it is seen to be at par with e-books or paper books.
While that provides for a lot of space for growth for audiobooks, there also are a lot of reasons for audiobooks to have emerged as the new favorite. Prime among those is the ease of comprehension as there isn’t a physical book or a device to hold on to. Rather, you just have to listen to it, which means you are free to do other things while continuing with the book.
Also, celebrities lending their voice to audiobooks has also proved to be a huge draw for the particular format. The easy availability of apps that is compatible with almost all known device platforms to listen to audiobooks too has proved to be a huge positive, as is the vast collection of enticing audiobook titles currently available.
Another interesting trend to be seen with audiobooks and one that has also added to its appeal is the choice of device for listening to them. Its smartphones have emerged as the most preferred device since most already have those, and they just have to download the right app to get started with audiobooks. All of these factors have ensured audiobook to thrive in recent times and is projected to reach greater heights in the foreseeable future as well.
With a keen interest in tech, I make it a point to keep myself updated on the latest developments in the world of technology and gadgets. That includes smartphones or tablet devices but stretches to even AI and self-driven automobiles as well, the latter being my latest fad. Besides writing, I like watching videos, reading, listening to music, or experimenting with different recipes. Motion picture is another aspect that interests me a lot and maybe I’ll make a film sometime in the future.