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Audiobook Market Overview
Recently, the audiobook sector has seen substantial growth and transformation, firmly establishing itself as a dynamic part of the literary world. With a wide variety of genres and titles, audiobooks cater to diverse preferences, attracting both avid book enthusiasts and newcomers. The digital landscape has played a pivotal role in the industry’s rapid expansion, as the convenience of on-the-go listening has led to significant revenue increases.
This surge in popularity has captured the interest of authors, publishers, and a global community of enthusiastic listeners. As technology advances and the audiobook field continues to evolve, it is poised to remain a durable and accessible medium, reshaping how individuals interact with books and narratives in our increasingly digital and mobile-oriented society.
Digital Transformation and Accessibility
One of the primary drivers propelling the growth of the audiobook market is the ongoing digital transformation of the publishing industry. The advent of smartphones, tablets, and dedicated audiobook apps has made it incredibly convenient for consumers to access and enjoy audiobooks.
The digitization of content has allowed audiobook platforms to offer a vast and easily accessible catalog of titles, often at the touch of a button. This accessibility is particularly appealing to modern consumers who are accustomed to the convenience of digital media. Moreover, digital audiobooks offer features like adjustable playback speeds, bookmarks, and synchronized reading, enhancing the listening experience.
Rising Multitasking Lifestyles
In today’s fast-paced world, people often juggle multiple daily responsibilities and activities. Audiobooks have emerged as the perfect companion for individuals looking to make the most of their time. Commuters can transform their daily travel into productive reading time, fitness enthusiasts combine workouts with literary indulgence, and even household chores can become more engaging with a captivating audiobook playing in the background.
This aligns with the modern need for flexible and efficient time management. Audiobooks not only allow individuals to consume literature but also enable them to make the most of otherwise idle moments, making them a valuable addition to contemporary lifestyles. As multitasking becomes increasingly common, the demand for audiobooks as a versatile source of entertainment and education continues to grow, contributing to the market’s expansion.
2022 Revenue
Audiobooks Market Size 2022-2032 The global audiobooks market size is projected to reach USD 39.1 billion by 2032, from USD 4,2 billion in 2022, with a compound annual growth rate (CAGR) of 25.7% between 2022 and 2032.
List of Major Companies
These are the top ten companies operating in the Audiobook Market:
Audible
Company Overview
| Establishment Year | 1995 |
| Headquarter | The US |
| Key Management | Bob Carrigan (CEO) |
| Revenue (US$ Bn) | $ 1.8 Billion (2022) |
| Headcount | ~ 1500 (2022) |
| Website | www.audible.com |
About Audible
Audible Inc., a subsidiary of Amazon, stands as a prominent player in the realm of spoken-word entertainment and audiobooks. The company boasts an extensive and diverse library comprising audiobooks, audio dramas, podcasts, and other audio content spanning various genres such as literature, self-help, and science fiction, among others. Audible’s platform empowers customers to purchase, stream, and download audiobooks to many devices, ensuring convenient access to content while on the move. Furthermore, Audible Originals, exclusive productions by Audible, have garnered popularity for their distinct and captivating narratives. The company’s unwavering commitment to innovation and expanding the audiobook landscape has solidified its prominent stature in the global market, offering a rich auditory experience to countless subscribers and customers worldwide.
Geographical Presence
Audible Inc., headquartered in New York, New Jersey, USA, boasts a widespread global presence, catering to audiobook enthusiasts worldwide. While its roots are in the United States, the company has expanded its reach to serve customers in numerous countries worldwide. Audible offers its extensive library of audiobooks, podcasts, and exclusive content to an international audience, with a significant presence in regions such as the United Kingdom, Canada, Germany, France, Australia, India, and beyond. This expansive geographical footprint positions Audible Inc. as a leading provider of spoken-word entertainment on a global scale, accessible to diverse audiences seeking literary and audio experiences.
Recent Developments
- In October 2023, Audible launched a new service in Brazil that lets you listen to 100,000+ titles, including 4,000+ in Portuguese, lots of celebrity narrations from famous Brazilians, and more.
- In August 2023, Moriarty, the critically acclaimed audio series, was renewed for a second season by Audible in partnership with Treefort Media.
Scribd
Company Overview
| Establishment Year | 2007 |
| Headquarter | The US |
| Key Management | Trip Adler (CEO) |
| Revenue (US$ Bn) | $ 100 Million (2022) |
| Headcount | ~ 400 (2022) |
| Website | www.scribd.com |
About Scribd
Founded in 2007 by Trip Adler, Scribd is a San Francisco-based digital reading subscription service. Scribd stands out by providing an extensive selection of digital books, audiobooks, magazines, and other written materials, granting subscribers unrestricted entry to a vast reservoir of educational and literary resources. The platform accommodates readers with diverse tastes and preferences, ensuring a user-friendly experience across various devices. Scribd’s core mission revolves around enhancing the accessibility of knowledge and literature, rendering it a well-liked choice for individuals searching for a wide array of written content in a convenient digital format.
Geographical Presence
Scribd, a digital library and reading subscription service, has a worldwide reach, serving users and subscribers from around the globe. Despite being based in San Francisco, California, the company extends its services to people in many countries. Whether in North America, Europe, Asia, or any other part of the world, Scribd offers access to an extensive selection of books, audiobooks, magazines, and documents. This broad availability makes Scribd a favored platform among readers and learners from diverse locations.
Recent Developments
- In Feb 2022, In light of recent book bans, Scribd, an online book-reading platform, offered all their books for free for 30 days.
Amazon
Company Overview
| Establishment Year | 1994 |
| Headquarter | The US |
| Key Management | Andy Jassy (CEO) |
| Revenue (US$ Bn) | $ 514 Million (2022) |
| Headcount | ~1541000 (2022) |
| Website | www.amazon.in |
About Amazon
Established in 1994 by founder Jeff Bezos, Amazon is an American multinational conglomerate headquartered in Seattle, Washington, currently led by CEO Andy Jassy. With its humble beginnings as an online bookseller, the company has become a global e-commerce and technology giant. Amazon’s extensive services include e-commerce, cloud computing through Amazon Web Services (AWS), digital streaming through Prime Video, and hardware such as the Kindle e-reader and Echo smart speakers. Its relentless focus on customer-centric innovation, vast product selection, and efficient logistics has solidified its position as one of the world’s largest and most influential companies, shaping how people shop online and use digital services globally.
Geographical Presence
Amazon, headquartered in Seattle, Washington, has a vast global presence with operations in numerous countries worldwide. The company serves customers in North America, Europe, Asia, and beyond, operating a network of fulfillment centers, data centers, and offices in various cities and regions. This extensive geographical footprint allows Amazon to reach millions of customers and provide a wide range of products and services, including e-commerce, cloud computing, digital entertainment, and more.
Recent Developments
- In September 2023, Amazon announced that it would invest $4 billion into the artificial intelligence (AI) startup Anthropic as the world’s largest tech firms race to capitalize on advances in AI that could transform parts of their operations and the global economy.
- In September 2023, Blue Origin, the privately held spaceflight company co-founded by Jeff Bezos, announced the departure of its Chief Executive Officer, David Limp, a former executive of Amazon.com.
Apple
Company Overview
| Establishment Year | 1976 |
| Headquarter | The US |
| Key Management | Tim Cook (CEO) |
| Revenue (US$ Bn) | $ 394.33 Billion (2022) |
| Headcount | ~ 1.64,000(2022) |
| Website | www.apple.com |
About Apple
Apple Inc. (formerly Apple Computer Inc.) is an American computer and consumer electronic corporation headquartered in Cupertino, California. It is best known for its iPhones, iPads, and Macintosh computers. Apple is one of the biggest companies in the world, with a market capitalization exceeding $2 trillion. Apple devices are characterized by their eye-catching design and attention to detail. The combination of hardware and software integration gives Apple’s systems a distinct advantage over their competitors’ products with similar features. Founded in 1976, Apple Inc. is owned by three co-founders (Steve Wozniak and Steve Jobs) and one co-founder (Ronald Wayne).
Geographical Presence
Cupertino, California, serves as the central base for Apple Inc., which boasts a substantial global influence through a wide-reaching network of retail outlets, offices, and production facilities scattered across the globe. Apple’s distinctive Apple Stores are a familiar sight in major cities across nearly all continents, providing individuals with access to Apple’s array of products and services. Additionally, Apple has a robust international supply chain and manufacturing operations in various nations, including China, Ireland, and India. This extensive global presence empowers Apple to cater to a diverse customer base and uphold its stature as a leading technology company with a worldwide reach.
Recent Developments
- In September 2023, In the next four to five years, Apple planned to increase the production of iPhones in India by more than five-fold to approximately $40 billion (approximately Rs. 3.32 lakh crores).
- In June 2023, It’s the first time Apple’s market value has gone over $3 trillion.
Google-Play-Audiobooks
Company Overview
| Establishment Year | 2010 |
| Headquarter | The US |
| Key Management | Sundar Pichai (CEO) |
| Revenue (US$ Bn) | $ 279.8 Billion (2022) |
| Headcount | ~ 1,90,234 (2022) |
| Website | www.google.com |
About Google
Google is an American search engine company founded in 1998 by brothers Sergey and Larry Brin. It’s now part of Alphabet Inc. and is known as Google LLC or Google Inc. Google is the most popular search engine globally, taking up more than 70% of all online searches worldwide. It’s right at the center of people’s lives online, and it’s based in Mountain View, California. Google started as a search engine, but now it’s got over 50 different services and products to offer, like email, online document creation, and even software for phones and tablets. Google is one of the biggest names in the tech world, with a wide range of products and a huge presence in the market.
Geographical Presence
Google Play Audiobooks are accessible worldwide, with availability spanning a broad range of countries. Users from North America, Europe, Asia, Africa, and Oceania can purchase and listen to audiobooks on the platform, granting them access to various titles from various genres and authors. Google Play Audiobooks remains committed to extending its global reach, with ongoing efforts to introduce its extensive audiobook library to additional regions. This expansion aims to ensure that individuals from diverse parts of the world can conveniently enjoy audio content to suit their preferences.
Recent Developments
- In September 2023, Google.org’s $10 million grant supported youth robotics non-profit FIRST and the Recycling Equity Fund (RECF) to broaden access to robotics education and incorporate cutting-edge technologies such as artificial intelligence (AI) into their programs.
- In July 2023, Alphabet Inc., the parent company of Google, announced the introduction of AI-powered advertising in its latest step towards the dominance of Artificial Intelligence.
Kobo
Company Overview
| Establishment Year | 2009 |
| Headquarter | Canada |
| Key Management | Michael Tamblyn (CEO) |
| Revenue (US$ Bn) | $ 4.6 Billion (2022) |
| Headcount | ~7900 (2022) |
| Website | www.kobo.com |
About Kobo
Kobo Audiobooks is a company that specializes in providing a wide selection of audiobook titles to readers and listeners worldwide. Founded in 2009 by Michael Serbinis, the company is headquartered in Toronto, Canada. Kobo Audiobooks offers a comprehensive library of audiobooks encompassing various genres and interests, ensuring it meets the diverse preferences of its customers. With its user-friendly platform and dedicated mobile app, Kobo Audiobooks offers a seamless experience for users to access and immerse themselves in their favorite audiobooks on various devices. This approach makes literature and storytelling more accessible and enjoyable for people across the globe.
Geographical Presence
Kobo, the e-book and audiobook platform, has a global geographical presence, serving customers and readers across multiple countries and regions worldwide. While its headquarters are in Toronto, Canada, Kobo’s digital library and e-commerce platform are accessible to users in numerous countries spanning North America, Europe, Asia, Africa, and Oceania. This extensive reach enables Kobo to offer a diverse selection of e-books and audiobooks to a broad international audience, facilitating the widespread enjoyment of literature and digital content in various languages and genres.
Recent Developments
- In August 2023, Subscribers to Kobo Plus in Australia now have access to an unlimited number of audiobooks.
- In April 2023, Kobo is expanding its subscription-based service, Kobo Plus, to the United States. Kobo Plus allows users to read an unlimited number of ebooks and audiobooks for a single monthly fee.
HarperCollins
Company Overview
| Establishment Year | 1817 |
| Headquarter | The US |
| Key Management | Brian Murray (CEO) |
| Revenue (US$ Bn) | $ 2.9 Billion (2022) |
| Headcount | ~ 4000 (2022) |
| Website | www.harpercollins.com |
About HarperCollins
HarperCollins is a renowned publishing company founded in 1989 by Rupert Murdoch, headquartered in New York City, USA. The company is a prominent player in the global publishing industry, specializing in publishing and distributing various books, e-books, and digital content across various genres, including fiction, non-fiction, educational materials, and children’s literature. HarperCollins has established itself as a leading name in the literary world with a diverse portfolio of authors and imprints. It is a pivotal contributor to the world of literature and storytelling.
Geographical Presence
HarperCollins, a major publishing company, boasts a widespread geographical presence across the globe. While its headquarters are based in New York City, USA, HarperCollins has an extensive reach that spans multiple countries and regions worldwide. With offices, subsidiaries, and distribution networks in North America, Europe, Asia, Africa, and Oceania, HarperCollins maintains a significant international footprint. This broad global presence allows the company to publish and distribute books and digital content to a diverse and wide-ranging audience, facilitating the sharing of stories and knowledge globally.
Recent developments
- In March 2023, The 2023 winners of the AutHer Awards were revealed on March 19th. It is noteworthy that HarperCollins India published the highest number of books that were awarded the award this year.
OverDrive
Company Overview
| Establishment Year | 1986 |
| Headquarter | The US |
| Key Management | Steve Potash (CEO) |
| Revenue (US$ Bn) | $ 30.1 Million (2022) |
| Headcount | ~ 358 (2022) |
| Website | www.overdrive.com |
About Overdrive
Founded in 1986 by Steve Potash and based in Cleveland, Ohio, USA, OverDrive, Inc. is a prominent player in the digital content distribution sector. The company offers digital lending solutions and services to libraries, educational institutions, and retailers globally. OverDrive’s innovative technology empowers users to borrow and access an extensive collection of e-books, audiobooks, and other digital media resources through their local organizations. With a worldwide presence and a strong commitment to advancing literacy and ensuring access to literature, OverDrive has emerged as a crucial partner for institutions and publishers, facilitating the delivery of digital content to readers and learners worldwide.
Geographical Presence
OverDrive, Inc. maintains a substantial global reach, reaching across the world. With its headquarters based in Cleveland, Ohio, USA, OverDrive extends its services to libraries, educational institutions, and retailers in various countries and regions across the globe. Its digital content distribution platforms are accessible to users and organizations spanning North America, Europe, Asia, Africa, Australia, and numerous other parts of the world. This extensive international presence enables OverDrive to facilitate the borrowing and access to e-books, audiobooks, and digital media in multiple languages and genres, thereby supporting global literacy and reading initiatives.
Recent Developments
- In June 2023, OverDrive researchers researched the scientific principles of digital library performance to generate reports that can be used to evaluate digital library budgets and plan for community programming.
- In May 2023, OverDrive provided resources to help libraries prepare for the app sunset, including a checklist, a free marketing kit, and free virtual training sessions for librarians and readers.
Podium-Publishing
Company Overview
| Establishment Year | 2012 |
| Headquarter | The US |
| Key Management | Scott Dickey (CEO) |
| Revenue (US$ Bn) | $ 12.13 Billion (2022) |
| Headcount | ~ 54 (2022) |
| Website | podiumaudio.com |
About Podium Publishing
Podium Publishing ULC, an esteemed audiobook publisher, was established in 2012 and is based in Los Angeles. The company is well-known for its dedication to creating top-notch audiobooks across various genres, including science fiction, fantasy, and thriller. Podium Publishing ULC has earned acclaim for its commitment to delivering immersive and captivating audiobook experiences, attracting a devoted global audience of listeners. With a varied audiobook collection and a strong focus on maintaining high audio production standards, the company continues to grow its footprint and impact in the audiobook industry.
Geographical Presence
Podium Publishing ULC has created a widespread global presence, serving audiobook enthusiasts and listeners worldwide. The company’s audiobooks are available to audiences across North America, Europe, Asia, Australia, and other regions. Thanks to its dedication to delivering compelling and high-quality audiobook content, Podium Publishing ULC has successfully reached a diverse international audience. This has made audiobooks in various genres and languages accessible to a global community of avid listeners.
Recent Developments
- In August 2023, Podium declared its intention to publish the internationally acclaimed novel, “Leigh Howard and the Ghosts of Simmons-Pierce Manor” by US Today bestselling author Leah Howard exclusively on TikTok.
- In March 2023, Bookwire and Podium have teamed up to make it easier for publishers to get their audiobooks out there. Bookwire is the top digital service provider in the world, and Podium is one of the fastest-growing audiobooks in North America. This partnership will help Podium get the most out of Bookwire’s OS distribution platform so its audiobooks can be delivered quickly and easily.
WF-Howes
Company Overview
| Establishment Year | 1999 |
| Headquarter | United Kingdom |
| Key Management | Craig Thomson (CEO) |
| Revenue (US$ Bn) | $ 6.4 Million (2022) |
| Headcount | ~49 (2022) |
| Website | www.wfhowes.co |
About WF-Howes
W. F. Howes Ltd. is a renowned audiobook and digital media company founded in 1983 by William Frederick Howes. With its headquarters in Leicester, United Kingdom, the company has established itself as a leading player in the audiobook industry. W. F. Howes specializes in producing, distributing, and licensing audiobooks and digital content across various genres, including fiction, non-fiction, and educational materials. The company is known for its commitment to high-quality audio production, making audiobooks accessible to a global audience through various distribution channels, including libraries, retailers, and digital platforms. It continues to be a vital contributor to the audiobook industry both in the UK and internationally.
Geographical Presence
W. F. Howes Ltd., headquartered in Leicester, United Kingdom, has built a notable global presence within the audiobook and digital media industry. While its origins are in the UK, the company’s impact and outreach extend well beyond its home turf. W. F. Howes serves a worldwide audience by offering audiobooks and digital content to libraries, retailers, and digital platforms in numerous countries across North America, Europe, Asia, Australia, and various other parts of the world. This international footprint allows W. F. Howes to provide a wide array of audiobooks to listeners across the globe, making a significant contribution to the accessibility and popularity of audiobook content worldwide.
Recent Developments
- In October 2023 – W. F. Howes assembled a remarkable ensemble of vocalists for the upcoming audiobook adaptation of Mantel’s works.
- In February 2023, Canelo and Howes signed a publishing deal with Nick Louth, the multi-million-dollar author who has sold millions of books.
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