US audiobook market value up 16% to $1.2bn in 2019. Unit sales also up 16%. But how much does the delivery model hold back the format?

From The New Publishing Standard:

Touting the fact that the US audiobook market had seen double-digit growth for the eighth successive year, the Audio Publishers Association, referencing a survey of 24 reporting companies, paints a rosy picture of the US audiobook scene without questioning whether it might be even more dynamic were publishers to be more open to opportunities.

Chris Lynch, co-chair of the APA’s research committee and president & publisher of Simon & Schuster Audio, summed up the understandable excitement among mainstream publishers:

Eight straight years of double-digit revenue growth is simply phenomenal. Even more encouraging are the continued upward trends in consumer listening behavior—both in how many titles they listen to per year and in their finding more time in their day to listen.

The latter point declines to note the pandemic-induced lockdown which might be responsible for all this extra time consumers are finding to listen to audiobooks, and stands at odds with another common theme being touted by publishers: that audiobook consumption was down because fewer people were commuting to work.

Of such contradictory and confusing sentiments are publishing urban myths built.

Not that the rise and rise of audio is an urban myth, although we should remember that back in the day ebooks were regularly seeing triple-digit growth, until mainstream publishers reigned in their ebook engagement and deliberately raised prices to stifle demand, leaving an open goal for self-publishers to seize a hefty chunk of the market.

With audiobooks the self-published element, while growing, is still a small part of the scene, and as audiobooks generally are not seen to cannibalise print sales in the way ebooks supposedly do, audiobooks for now are the publishing world’s darling format.

. . . .

A separate survey found US audiobook consumption by title up from 6.8 in 2019 to 8.1 in early 2020, with mystery and thriller leading the way, in stark contrast to “reading” books where romance heads the genre choice in the US.

Quality of narration (professional voice-artist vs author read-aloud) was deemed important to consumers.

More than 50% of audiobook fans said they were listening to more, making extra time.

Most significantly 43% of consumers queried said they preferred shorter length audio (1-3 hours). What isn’t clear from that response is whether that is related to the time needed to listen to a book or simply the fact that shorter length audiobooks tend to be considerable cheaper if buying as a unit.

. . . .

We’ve seen time and again how, where unlimited subscription is an option, consumers flood to the format.

Link to the rest at The New Publishing Standard