UK-based Audiobook Industry Expansion Efforts Pursued by Audible and Publishers
A modern surge in audiobook demand hits the UK market
The audiobook sector in the UK has experienced tremendous growth in the past five years, yet the number of users remains relatively low compared to e-books. Laurence Howell, Audible UK's senior director, expressed concerns about inadequate supply and the poor representation of certain genres in the audio format. He highlighted that there are thousands of titles unavailable in the audio format.
In 2016, audiobooks stood as one of the most successful publishing categories. With over 250,000 titles on its UK platform, the format is increasingly gaining traction among younger listeners, according to Howell. Users are listening more frequently as well, with 45% of fans increasing their listening hours year-over-year, and 39% also reading more in print and e-book formats.
The UK audiobook market witnessed a 30% spike in 2015 and an astonishing 170% growth in the past five years, totaling around £91 million. Though the exact sales figures for Audible (an Amazon company) have never been disclosed, the company's impact on the overall market growth is substantial. In 2015 alone, Audible UK recorded sales of approximately £29.5 million.
While the UK audiobook market is growing, it still lags behind the United States. The US audiobook market surpassed $1.77bn in 2015, nearly double its worth in 2011. A fifth of the market consisted of CD sales, leaving digital audiobooks as the majority medium, and unabridged stories accounting for 96% of the total.
To further fuel the growth of the UK audiobok market, cultural resistance towards the digital format must be addressed. A recent YouGov poll revealed that 55% of people in the UK consider reading a book to be a superior method of consumption, while only 10% feel it's equal.
Overcoming this schism necessitates a collaborative effort between publishers and Audible to launch advertising campaigns and lower prices. Currently, the average audiobook costs more than a hardcover book. Michael Kozlowski, editor-in-chief at our platform, has been writeing about audiobooks and e-readers for the past fifteen years, publishing articles in renowned outlets such as the CBC, CNET, Engadget, Huffington Post, and the New York Times.
Insights: Comparing Audiobooks and E-books
- Historical and Cultural Reading Preferences: Print books have a longer history, and many consumers prefer the visual reading experience for deep learning and retention.
- Perceived Use Cases: Audiobooks are often seen as a complementary medium for multitasking activities, whereas e-books are favored for immersive, single-task reading.
- Accessibility and Device Penetration: While smartphones dominate audiobook consumption, e-books enjoy a wider selection of devices optimized for long-form reading.
- Cost, Licensing, and Content Availability: Audiobooks are often more expensive and less readily available than e-books, particularly in the UK.
- User Experience and Habits: E-books offer greater flexibility and controls for navigation, highlighting, and note-taking.
- Demographics and Language: Audiobooks attract multitaskers and younger audiences, but traditional readers still favor e-books for their convenience and personalization.
- Market Trends and Technology: AI, streaming technologies, and personalization are enhancing the audiobook experience, but consumer habits take time to evolve.
The rapid growth of the audiobook market offers a unique opportunity for technology and lifestyle convergence, as more consumers opt for audio books for their multitasking needs. In this digital era, readers with a preference for e-books may find solace in the variety of devices optimized for long-form reading experiences.
Despite the rise in audiobook popularity, cost concerns and content availability issues continue to pose challenges, particularly in the UK market. A strategic collaboration between publishers and entertainment platforms like Audible could potentially ease these burdens by launching advertising campaigns and making efforts to lower prices.
