The U.S. audiobooks market is experiencing significant
growth and is expected to continue expanding in the coming years. The market
generated a revenue of USD 2.75 billion in 2023 and is projected to reach USD
12.88 billion by 2030, growing at a compound annual growth rate (CAGR) of 24.7%
from 2024 to 2030
Key Trends
Rising Popularity: The increasing adoption of smartphones and the convenience
of audiobooks are driving market growth. Audiobooks offer flexibility and
versatility, making content easily accessible on electronic devices,
irrespective of time and place.
Technological Advancements: The integration of advanced technologies such as the
Internet of Things (IoT) and Artificial Intelligence (AI) has made it easier
for customers to obtain audiobooks. AI technology has enhanced the user
experience by making tailored recommendations based on personal preferences.
Diverse Applications: Audiobooks cover a wide range of applications, from
educational to leisure and entertainment uses, resulting in a larger customer
base
Key U.S. Audiobooks Companies:
- Amazon.com, Inc.
- Apple Inc.
- Audible, Inc.
- Barnes & Noble
Booksellers, Inc.
- Blackstone Audio
- Brilliance Publishing
- Downpour.com
- Google LLC
- PLAYSTER (SOFTONIC
INTERNATIONAL S.A.)
- Podium Publishing
- Rakuten Group, Inc.
- Storytel AB
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summary: U.S.
Audiobooks Market Report
U.S. Audiobooks Market Report Highlights
·
The
non-fiction genre includes book categories such as autobiographies,
memoirs, self-help books, travel guides, academic textbooks, and
biographies.
·
Based
on preferred devices, the smartphone segment dominated the market and accounted
for the largest revenue share of around 45.0% in 2023.
·
The
one-time download segment dominated the market and accounted for the largest
revenue share in 2023. People fond of reading and listening to audiobooks
prefer to buy a single high-quality audiobook.
·
Based
on target audience, the adults segment dominated the market and accounted for
the largest revenue share in 2023. The growth of this segment is fueled by the
trend of companies releasing audiobooks that are particular to a community or
location to draw customers and create a competitive edge in the market.
Recent Developments
·
In January 2023, Apple Inc. launched AI-powered audio narration
for selected titles on Apple Books. Users can figure out if the audiobook is
AI-powered by checking ‘Apple Books’ in the narrator section for those specific
titles.
·
In January 2023, Google LLC partnered with Bookwire, a digital
publishing company, to offer auto-narrated audiobooks using its text-to-speech
technology. This technology is expected to help the company cater to the needs
of a larger customer base with complete production and quality assurance.
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