Audiobook sales are on the rise. From 2008-2013, revenue for the audiobooks is estimated to have grown at an annualized rate of 12 percent to $1.6 billion, according to a new report from IBISWorld.
The increasing popularity of Internet-connected mobile devices among consumers is help drive these sales. From 2013 to 2018, IBISWorld predicts that these numbers will continue to grow. Led by rising disposable income and consumers who are new to adopt audiobooks, revenues should grow “significantly over the next five years,” reports IBISWorld.
“Because audiobooks are relatively cheap discretionary purchases that consumers can afford on tight budgets, the industry has been able to grow during the recession, despite consumers’ low disposable income,” stated Agata Kaczanowska, industry analyst at IBISWorld.
IBISWorld predicts the number of audiobook publishers will rise at an annualized rate of 17 percent to 628 businesses during the five years to 2013.