Exploring Audiobooks Market: Digital Versions of Books

In a world full of digital and technological environments, everyone is looking for better and easier ways to fulfill their desires. The wider availability of smartphones, laptops, computers, and other gadgets is making the daily lives of people convenient. From listening to songs to watching movies, smartphones offer incredible functions to students as well. One such application is an audiobook, a digital version of books. In this blog, we will explore more about audiobooks and audiobooks industry-related insights.

What Is Audiobook?

An audiobook refers to the voice recording of a book, text, or other work that can be downloaded to a mobile phone, PC, or computer. After downloading, one can use them on a computer or transfer them to CDs or other portable digital audio devices. They can also be purchased from online bookstores or from public domain sites.

Knowing the Market Potential

The global audiobooks market was valued at USD 5,144.09 million in 2022 and is expected to register USD 52,941.12 million with a CAGR of 26.3% during the anticipated period.

The popularity of audiobooks has increased post-pandemic as more people prefer to work from home and search for ways to entertain themselves. Audiobooks offer a convenient way to multitask and perform other tasks while listening to audiobooks, which is fueling the audiobooks market growth. For instance, according to research by the Deccan Herald, Kannada audiobooks have become more popular since the Covid crisis in 2020. With more than 200 Kannada audiobooks, Storytel started its Kannada section in 2021.

However, the rising demand for audiobooks can be attributed to their convenience, different content, enhancements in production quality, and accessibility. The application can be a great option for people with visual impairments or reading difficulties. The expansion of digital technology as well as the widespread adoption of smartphones, has been majorly propelling the audiobook market growth.

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How to Listen To Audiobooks?

They can be played on different consumer electronic devices like tablets, computers, smartphones, or any other device that supports streaming audio. Audiobooks come is different audio file formats, including WMV, MP3, WMA, AAC, and others. There are a number of websites and apps on which you can use audiobooks, both free and paid. Some of them include Apple Books, Audible.com, Sribd, Apple Books and Google Books, Nook Audiobooks, etc.

Benefits of Audiobooks

• Simple to buy, rent, and play
• Suitable for any avid book reader
• Gets an immersive storytelling experience than reading
• Improve their time management
• Build literacy skills
• Compatible with all devices
• The future of audiobooks

The global subscription for smartphones is currently passed six billion. According to estimates, that number is expected to increase by an additional several hundred million in the upcoming years. This rate is expected to create various growth opportunities for the audiobooks market. Geographically, market demand in North America is predicted to show significant growth over the forecast period owing to a large and established audiobook market in the region. In addition, the rising popularity of audiobooks in North America is expected to enhance regional market growth.