The audiobook industry is starting to undergo dramatic shifts in their content delivery methods and major publishing companies are now investing millions of dollars into expensive productions. The entire audiobook industry is currently worth around 1.6 billion dollars and that figure should climb further. The main reason? Audiobook producers have been increasing their output. 13,255 titles came out in 2012, up from 4,602 in 2009.
Things aren’t rosy for everyone involved in this sector as audiobook publisher AudioGO has faced insurmountable challenges over the last year. AudioGO announced last week that the company had suspended trading because of financial problems. It was later confirmed managing director Mike Bowen had been suspended and financial director Bradley Whittock had left the business. Some shadiness might be going on as the companies cash situation was sharply reduced, with cash in the bank falling to £346,142, compared with £1.9 million a year earlier.
AudioGO was set up in July 2010, when private investors bought out BBC Audiobooks. BBC Worldwide continues to own a minority stake, and it remains to been seen if the news organization will help save their old pet project.