In the rapidly evolving world of publishing, audiobooks have emerged as a powerful medium for authors to reach new audiences and expand their reach. Whether you’re a seasoned writer or a new author, publishing an audiobook can provide numerous benefits and open up new opportunities. This article explores the reasons why you should consider publishing an audiobook, including statistics on the audiobook market, and an overview of the different platforms and royalties you can choose from.
The Growing Audiobook Market
The audiobook market has experienced significant growth in recent years, driven by the convenience of listening to books on-the-go and the increasing popularity of digital content. Here are some key statistics to highlight the market’s potential:
- Global Market Size: The global audiobooks market was valued at USD 6.83 billion in 2023 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 26.2% from 2024 to 2030.
- U.S. Market Size: The U.S. audiobooks market was valued at USD 2.75 billion in 2023 and is expected to grow at a CAGR of 24.6% from 2024 to 2030.
- Popularity: Audiobooks are gaining popularity due to the convenience of listening on smartphones, tablets, and while driving. The younger demographic, in particular, shows a strong preference for audiobooks.
- Market Share: In 2023, the U.S. accounted for over 44% of the global audiobook market.
Global Audiobook Market Size
Global Audiobook Market Size by Key Countries (Projected for 2025)
Data Sources
The data provided about the audiobook market size, growth rates, and market shares come from reputable market research reports. Here are some common sources for such data:
- Grand View Research: They provide detailed market reports, including the audiobook market. Audiobooks Market Size, Share And Trends Report, 2030
- Statista: (2023) Audiobooks – Worldwide | Statista Market Forecast
- Expert Market Research: They offer market analysis reports with comprehensive data on various industries.
- Technavio: They provide market analysis reports with detailed statistics and forecasts.
- Mordor Intelligence: They offer market research reports with insights into the audiobook market’s growth and trends
Why Publish an Audiobook?
- Reach a Larger Audience
Audiobooks allow you to reach people who prefer listening over reading, such as busy professionals, travelers, and those with visual impairments. By offering your book in multiple formats, you can cater to different preferences and expand your audience.
- Increase Sales
Adding an audiobook format to your book can boost your overall sales. Many readers enjoy consuming content in different formats, and providing an audiobook option can attract new customers who might not have considered your book otherwise.
- Enhance Discoverability
Having your book available in audiobook format increases its visibility and chances of being discovered by new readers. Audiobooks are often featured in separate sections on platforms, giving your book additional exposure.
- Deepen Emotional Connection
Audiobooks can create a more intimate and emotional connection with listeners, especially for memoirs and personal stories. The tone, pace, and emotion conveyed through narration can bring your story to life in a unique way.
- Convenience for Listeners
Audiobooks allow readers to multitask and consume content while doing other activities like commuting, exercising, or cooking. This convenience makes audiobooks an attractive option for busy individuals.
Choosing the Right Platform
There are several platforms available for publishing audiobooks, each with its own pros and cons. Here are some popular options:
PublishDrive
- Pros: Offers a wide range of distribution options, including major retailers like Apple Books, Google Play, and Kobo. Provides detailed analytics and marketing support. It’s a good option to use besides Amazon’s Audible.
- Cons: May have higher setup fees compared to other platforms.
- Ideal For: Authors looking for extensive distribution and marketing support.
Audible (ACX)
- Pros: Owned by Amazon, it has a massive audience and offers distribution to Audible, Amazon, and iTunes. Provides various royalty options, including royalty share and exclusive distribution.
- Cons: Exclusivity can limit distribution to other platforms. Audible offers a feature called Virtual Voice. This allows authors to create audiobooks using AI-generated narration. However, these audiobooks are clearly labeled as narrated by a virtual voice.
- Ideal For: Authors who want to tap into Amazon’s large customer base and are comfortable with exclusivity.
Findaway Voices
- Pros: Connects authors with professional narrators and offers distribution to a wide range of retailers and libraries. Provides control over pricing and distribution options.
- Cons: May require more hands-on management of the production process. Also, they do not directly support AI voice narration. However, you can use Google Play Books to upload AI-narrated audiobooks created by Google Play Books.
- Ideal For: Authors who want a hands-on approach and control over their audiobook production and distribution.
Kobo Writing Life
- Pros: Allows authors to self-publish their audiobooks and offers promotional pricing, pre-orders, and easy distribution to Kobo’s platform. Kobo accepts AI-narrated audiobooks. Authors can list the narrator as “Synthesised Voice” (male, female, or unspecified) in the metadata.
- Cons: Authors need to handle the production themselves.
- Ideal For: Authors already using Kobo for their eBooks and want to expand to audiobooks.
Google Play Books
- Pros: Offers a global reach with over 75 countries and 3 billion users. Provides distribution to Google Play and other retailers. Google Play Books offers an auto-narration feature that allows publishers to convert their eBooks into audiobooks using AI narration. These audiobooks can be distributed on other platforms as well.
- Cons: May require more effort to reach a wide audience compared to Amazon.
- Ideal For: Authors looking to reach a global audience and leverage Google’s extensive user base.
AI Voice Narration
Here are some popular AI voice narration apps that are great for creating audiobooks:
- Speaktor: Offers realistic AI voices for audiobooks in over 50 languages. It’s great for creating natural-sounding, multilingual audio content1.
- Speechify: Known for its high-quality, natural-sounding voices. It allows for real-time voiceover recordings and offers various customization options2.
- ElevenLabs: Provides professional AI voices designed for audiobook narration. They offer a range of voices, including warm storytellers, authoritative guides, and dynamic character voices.
- Play.ht: Offers high-quality AI voices with multilingual support, perfect for audiobook narration.
- Murf AI: Allows users to create custom voices tailored to their preferences, with options to adjust pitch, tone, and emotion.
Personally, I have used Eleven Labs and some of their voices sound so good you would swear they are human. I have also heard good reviews about Speechify and Murf.ai.
Note: Check to ensure the platform you are using allows AI generated voice narration as not all platforms allow this.
Understanding Royalties
Royalties can vary depending on the platform and distribution options you choose. Here’s a brief overview:
- PublishDrive: Offers the full store royalty rates, typically ranging from 35% to 70%, depending on the store. For the Legacy Royalty Share Plan, PublishDrive takes a 10% fee from the book’s list price, and you keep the rest.
- Audible (ACX): Offers different royalty options. For exclusive distribution, you earn 40% of the retail price. For non-exclusive distribution, you earn a measly 25% of the retail price.
- Findaway Voices: Provides flexible royalty options and typically offers authors 80% of the wholesale price.
- Kobo Writing Life: Authors earn 45% of the list price for audiobooks sold on Kobo.
- Google Play Books: Generally offers a royalty rate of around 52% of the retail price, which is higher than the rest.
For information on audiobooks see our article on Audiobook Tips for Different Genres.
Conclusion
Publishing an audiobook can be a powerful way to expand your reach, increase sales, and connect with a broader audience. With the growing popularity of audiobooks and the convenience they offer, now is the perfect time to consider adding an audiobook format to your publishing portfolio.
Take Action Now:
- Select Your Platform: Choose the platform that aligns with your goals.
- Create Your Audiobook: Leverage AI narration or professional narrators to bring your story to life.
- Promote Your Audiobook: Use social media, your website, and other marketing channels to reach your audience.
Start your audiobook journey today and make your story heard. If you would like further information, or would like our assistance, please contact us at:
Happy publishing!