How Audiobooks Changing the Industry

Audiobooks are transcriptions of a physical book/ other works converted to audio files in order to read it aloud. Audiobooks are becoming one of the calmest ways to nurture a reading practice. Audiobooks have enabled us to literally listen to books anywhere, whether on the commute, vacation or even while in the shower.

KEY PLAYERS COVERED:

Key players in the Audiobooks market have a prevailing presence in the e-books market, owing to the goodwill and brand name. Moreover, these players are expected to have substantial growth in their business owing to the robust marketing strategies and providing multiple genres of audiobooks offerings. Also, these brands have a renowned presence in the global market and have the majority of the shares.

Some of the key competitors in the Audiobooks market include Amazon, Storytel AB, Google, Scribd, OverDrive, Inc., LMBPN Publishing, LLC, hoopla, SAG-AFTRA, INGRAM BOOK GROUP LLC., Kobo, LibriVox & Downpour.

REGIONAL ANALYSIS

North America is expected to hold the largest market share along with the highest growth rate in the coming years. This is owed to the continuous increase in the investments done by the companies in the region to increase the market presence. Moreover, this region is the technological and R&D hub for the majority of the key players to sell create products related to developing and untapped markets.

Similarly, Asia Pacific and Europe are expected to be the prominent regions for the growth of the audiobooks market. This is owed to the presence of capital-intensive companies, along with the high population in the region. The Middle East & Africa and South America, on the other hand, has shown steady growth with minimal changes in the market structure. Also, the companies in the market are shifting their focus to developing economies, thus this region is expected to exhibit minor volatility in the coming years.

The ongoing COVID-19 pandemic is expected to impact the market heavily. This is because of the consequence of the lockdown implemented globally. The majority of universities, classrooms, academic institutions, along with commercial entities have closed down, thereby significantly hampering the growth of the audiobooks market.