Post by account_disabled on Dec 2, 2023 3:22:40 GMT -5
Why Spotify is investing in audiobooks
It is not difficult to understand why Spotify has directed its efforts in this new direction. In 2010, data from Audio Publishers Association pointed to 6,200 audiobooks produced; in 2015, that number was close to 36,000; but just five years later, in 2020, that number has practically doubled: 71,500 new audiobooks produced.
According to Grand View Research, the C Level Executive Email Lists global audiobook market is expected to expand at a compound annual growth rate of 26.4% from 2022 to 2030 to reach USD 35.05 billion by 2030. That sounds good, right?
This happens probably for a social reason: with Generation Z and Millennials as its main consumers, the audiobook market is dealing directly with a young, busy audience with no time to waste.
Born and raised with the technological advances of the last decades, these young people are used to performing several activities at the same time, often sharing the focus of manual tasks with something that requires more concentration.
For many representatives of these generations, multi-tasking optimizes the time and makes it more productive: that’s why so many young people take the opportunity to listen to an audiobook or podcast while doing the dishes, hanging the laundry, taking the dog for a walk or cleaning the house.
Unlike the video format, you don’t have to stare at the screen to stay focused or fully understand the subject.
So it’s no surprise when a research by the Audio Publishers Association shows that 54% of audiobook listeners are under the age of 45 and that among Americans over 13, consumption of this content format has grown by 60% since 2017.
And according to Grand Review Research, “the growing popularity of audiobooks among the younger generation is predicted to boost market growth, as these individuals are likely to encourage their families and inspire their peers, resulting in a larger pool of potential customers”.
It is not difficult to understand why Spotify has directed its efforts in this new direction. In 2010, data from Audio Publishers Association pointed to 6,200 audiobooks produced; in 2015, that number was close to 36,000; but just five years later, in 2020, that number has practically doubled: 71,500 new audiobooks produced.
According to Grand View Research, the C Level Executive Email Lists global audiobook market is expected to expand at a compound annual growth rate of 26.4% from 2022 to 2030 to reach USD 35.05 billion by 2030. That sounds good, right?
This happens probably for a social reason: with Generation Z and Millennials as its main consumers, the audiobook market is dealing directly with a young, busy audience with no time to waste.
Born and raised with the technological advances of the last decades, these young people are used to performing several activities at the same time, often sharing the focus of manual tasks with something that requires more concentration.
For many representatives of these generations, multi-tasking optimizes the time and makes it more productive: that’s why so many young people take the opportunity to listen to an audiobook or podcast while doing the dishes, hanging the laundry, taking the dog for a walk or cleaning the house.
Unlike the video format, you don’t have to stare at the screen to stay focused or fully understand the subject.
So it’s no surprise when a research by the Audio Publishers Association shows that 54% of audiobook listeners are under the age of 45 and that among Americans over 13, consumption of this content format has grown by 60% since 2017.
And according to Grand Review Research, “the growing popularity of audiobooks among the younger generation is predicted to boost market growth, as these individuals are likely to encourage their families and inspire their peers, resulting in a larger pool of potential customers”.