THREE HIDDEN CHARACTERISTICS PODCASTS AND AUDIOBOOKS HAVE IN COMMON
March 21st, 2024
Dispatch from Studio Ochenta
By now you have probably heard that podcasts and audiobooks share a lot of characteristics, such as their long form storytelling devices, their appealing narrators, and even their on-demand nature on different platforms. At Studio Ochenta we have discussed some of those amazing traits in previous articles. Have you wondered what these formats have in common in their respective markets, though? After producing 10 original audiobooks so far, here are our insights from Studio Ochenta about what characteristics podcasts and audiobooks have in common that you may not have thought of before:
1. Audiobooks and podcasts take part of the parallel media consumption phenomenon
Digital audiobooks, eBooks and podcasts are becoming media that compliment each other. Users are increasingly consuming multiple audio formats in parallel with other formats, such as eBooks. They also often engage with two or even all three of these media simultaneously, a behavior that poses a direct competition to audiovisual on demand platforms.
Users also prefer audio consumption because it allows them to do more while sacrificing less - it often compliments multitasking combinations, such as studying, reading, doing physical activities, chores, taking the public transport and driving. Both audiobooks and podcasts are a part of this amazing consumption ecosystem!
2. Audiobooks and podcasts ride the wave of growth
Both audiobooks and podcasts will be growing tremendously in the next decade. For instance, the global audiobooks market is expected to grow at a Compound Annual Growth Rate of 24.0% during the period 2024-2032, according to Expert Market Research. And there are cultural and digital reasons that support those statistics. Audiobooks have a symbiotic relationship with the expansion of listening alternatives such as smartphones, tablets, and smart speakers, since both the increasing adoption of audiobooks and these devices contribute to each others' growth.
As for the podcast industry, it’s far from staggering. DemandSage latest podcast statistics article states that the industry is expected to increase at a compound annual growth rate of 27.6% between 2023 and 2030.
These impressive growth rates indicate that audiobooks and podcasts are no longer niche; they’ve emerged as substantial markets in their own right.
3. Audiobooks and podcasts make substantial revenues
Over the last 5 years, audiobook revenue in the United States (the largest market for the audiobook industry in English) has increased by 53.39%, making it the fastest-growing book format in the US. Projections from Words Rated show that by 2030 audiobooks will account for over 21.3% of the global book publishing revenue.
The amazing news here is that they are also starting to be a source of revenue for podcasters as well, with adaptations of podcasts shows reaching the top of the audiobook listening lists with examples such as Stay Sexy & Don’t Get Murdered: The Definitive How-To Guide (based on the successful My Favorite Murder podcast), Bad With Money: The Imperfect Art Of Getting Your Financial Shit Together (based on the podcast Bad With Money), and The Way I Heard It (which gets its name from the podcast title).
And we at Ochenta are following the same path! With fiction and non-fiction audiobooks based on our original podcasts series such as Mija Podcast: The Audiobook, Manual para ser Juan Helsing: El audiolibro, Love, Gods and Other Intelligent Systems and Caper: Ten Elements For An Awesome Heist already providing new sources of revenue for us, we’re getting ready for further launches this 2024 to keep up with this new trends for podcasters and audio producers worldwide.
Curious to learn more about how Ochenta is transforming podcasts into audiobooks? https://www.ochentastudio.com/en/contact
Want to come along for the ride? Discover our first 10 audiobook titles already available in your favorite audiobook store in English, French, Spanish and Italian: https://www.ochentastudio.com/audiobooks
THANKS FOR READING.
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FYI: Studio Ochenta is a Latina-owned multilingual podcast studio dedicated to raising voices across cultures. Ochenta is home to many translated and adapted shows and audiobooks including the 2022 Lovie Award-winning podcast Adventure in Atacama, a choose-your-own-adventure series, fully adapted from Spanish to English.