Industry Talk: Publishers
Industry Talk: Michele Cobb x John Marshall Cheary
As the audiobook industry has experienced growth within the double-digits over the last 10 years hitting $1.6 billion in 2021. As the audiobook industry continues to grow, many new publishers have been considering selling audiobooks themselves, as opposed to selling the rights.
And many of these publishers have been reaching out to John Marshall Media for help with this transition. For this reason, John Marshall Cheary III, owner of John Marshall Media, met with Michele Cobb, the executive director of the Audio Publishers Association (APA), to expand upon a “Audiobooks 101” for new audiobook publishers.
As the audiobook industry continues to grow, publishers are faced with new challenges and opportunities. For smaller publishers, in particular, one of the key issues is deciding when and how to invest in audiobook production for a long-term return on investment (ROI). In a recent interview with Michele Cobb, the executive director of the Audio Publishers Association (APA), she shared her insights on how smaller publishers can navigate this complex landscape. One of the key considerations, she noted, is the importance of building a collection of titles rather than focusing solely on individual sales.
According to Cobb, "part of it when it comes to audio is actually having a collection. So you're getting the consumer used to the fact that you have these, so to me, it's less a percentage of each individual title, but knowing that you really have to have probably 50 titles to start generating, you know, a good source of revenue." To achieve this, she recommends that smaller publishers try a mix of licensing and in-house production. By creating and amassing a library of audio titles, they can build brand recognition and loyalty among their consumers, which in turn can lead to increased sales and revenue over time.
When it comes to distribution, Cobb recommends that smaller publishers explore a range of options, from Findaway Voices and Big Happy Family to Authors Republic and Ingram. She notes that while Audible remains the largest retailer in the audiobook market, there are now many other competitors, such as library vendors like Overdrive and Hoopla. As a result, the percentage of audio revenue coming from Audible has decreased over time, particularly for niche publishers who may have higher sales in the library market.
For smaller publishers looking to distribute their audiobooks across multiple channels, Cobb suggests using an aggregator, which allows publishers to upload their audiobooks to one place and receive a single report. "That's the other big thing is uploading now that there's, you know, 25, 50 different retailers in the audio market. If you don't have an ONIX feed and an easy means of doing it, having one aggregator, you upload this stuff once, if there's any kind of change in the audio or the art, it's just one place to change it out. That can be a lot easier," she explains.
Aside from building a collection of titles and exploring distribution options, Cobb highlights the importance of marketing. She suggests sending the audiobook out for review to publications such as AudioFile Magazine, Library Journal, Booklist, and more. These reviews can help generate buzz around the audiobook and potentially increase sales.
Finally, Cobb emphasizes the importance of quality production. This includes narrator choice and the importance of choosing a quality production house. By investing in quality production, publishers can create a more immersive listening experience for their customers, which can lead to increased sales and brand loyalty.
In conclusion, smaller publishers looking to break into the audiobook market can benefit from these insights from Michele Cobb and the APA. By building up a collection of titles, exploring distribution options, marketing, and investing in quality production, smaller publishers can establish themselves in the audiobook market and tap into a growing source of revenue.