Take Advantage of the Popularity of Audiobooks
The Soaring Popularity of Audiobooks, How Authors and Publishers Can Leverage It
Audiobooks have been steadily rising to prominence, and authors as well as book publishers of all sizes should be attuned to this growing trend. What's driving this surge, and how can writers harness its potential? John Marshall Media briefly presents the state of the industry, and how anyone can take advantage of the market.
The Soaring Popularity of Audiobooks, How Authors/Publishers Can Leverage It
In 2022, The New York Times reported a notable upswing in book sales during the first year of the pandemic. This surge continued, with sales showing a remarkable 13% increase from January to November of 2021 compared to the same period in 2020, according to the Association of American Publishers. As the world began reopening and diversifying its entertainment options, the appetite for reading remained insatiable.
In 2020, publishers experienced a substantial 12% boost in audiobook revenue, marking the ninth consecutive year of double-digit growth, as reported by the Audio Publishers Association. What's clear from this data is that the audiobook market was already flourishing pre-pandemic, and received an enormous with projections indicating that audiobooks could become a $19 billion industry by 2027.
For authors and small publishers, this presents a plethora of opportunities to tap into the thriving audiobook landscape. Here's how you can make the most of this phenomenon:
1.) Independent Production
Whether you’re an author or small book publishers, consider producing your own audiobook. Genres like fiction, true crime, and self-help have found a fertile ground in the audiobook realm. Romance and mystery authors are particularly well-positioned to capitalize on this trend, as these genres dominate the audiobook landscape and boast dedicated fanbases. For authors and publishers in popular genres like inspirational, business, crime, suspense, thriller, sci-fi, fantasy, and horror, it's high time to ensure that your readers can both read and listen to your books.
2.) Broad and Diverse Distribution
Although many see Audible as the retail leader in audiobooks, there are dozens of other retailers on the market including prominent library resources like the Libby app. For example, Spotify acquired Findaway in 2021, one of the largest audiobook distributors, allocating $3.5 billion to expand their offerings. If you’re only on Audible, you’re missing 50% of the market, which is why it’s important to be properly distributed with services like John Marshall Media’s Distribution Platform reaching 55+ audiobook retailers, from Barnes & Noble and Google, to Hoopla and LibroFM, etc.
3.) Marketing and Promotion
Once your audiobook is ready, invest in marketing and promoting it. Audiobooks offer a unique advantage – readers don't need to set aside dedicated time to enjoy them. Most people listen to audiobooks while multitasking, be it during chores or commutes. Instead of competing for readers' time, audiobooks seamlessly complement their daily routines. This makes audiobooks a desirable and potentially addictive form of entertainment that readers actively seek. As they continue to be more accessible, your audiobook will have an extended shelf life, potentially timeless.
As the audiobook industry continues to flourish, authors can leverage this trend to broaden their reach, engage their readers in new ways, and tap into the audiobook market's significant potential for growth. Connect with us to learn more.