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UNLOCKING POTENTIAL PART 2:

5 KEY GROWTH FACTORS OF AUDIOBOOKS

Book publishing has gone through some major innovations over the last decade. After the emergence of ebooks in the early years of the 2000s, it was projected that this format would take over the book publishing world. In the meantime, audiobooks appeared on the scene, and it has already surpassed the ebook market.

Since more recent data on the exact number of streamed or sold audiobooks is unavailable, we have to rely on revenue figures to see how the audiobook sales changed over time. Unsurprisingly, the growth is continuously positive and usually exceeds 20% annually.  The following are 5 Key Growth Factors:



GROWTH FACTORS

1. Double-Digit Growth: The audiobook industry had been experiencing double-digit growth year-over-year for several years leading up to 2022. This growth was driven by factors such as increased digital consumption, the popularity of smartphones and smart speakers, and the growing convenience of audiobook formats.

2.  Digital Dominance: Digital audiobooks, especially those distributed through platforms like Audible and other online retailers, have surpassed the market share over physical formats like CDs. The convenience of digital downloads and streaming contributed to this shift.

3.  Expanding Market: The audiobook market has been expanding beyond traditional genres like fiction and non-fiction to include areas such as self-help, business, education, and children’s books. This diversification of content helped attract a broader audience.

4.  Increased Production: Publishers and authors had been increasingly investing in audiobook production, recognizing the growing demand for audio content. This resulted in a larger selection of audiobooks available to consumers across various genres.

5.  Global Reach: Audiobook consumption has been growing not only in English-speaking markets but also in non-English-speaking countries as publishers and platforms expanded their offerings and localization efforts.

IN SUMMARY

The trajectory of the audiobook industry suggests ongoing growth, driven by factors like the widespread adoption of smartphones, smart speakers, and subscription-based streaming services. The convenience and accessibility of audiobook formats further bolster this trend, indicating a sustained demand for audiobooks in the foreseeable future.

However, market conditions and consumer preferences can evolve over time, so it’s essential to stay updated on the latest trends and statistics to make informed decisions about audiobook production and distribution. Phase 3 Studios can help in bringing your book to life so you can get out there and take advantage of this ongoing market growth.  The sooner you get it made, the sooner you can make money.

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Let us walk you through the process and bring your book to life.

 

Welcome to Phase 3 Studios, the leading destination for crafting high quality audiobooks for self-publishers. With over fifteen years of experience, our nationwide network of studios provides an inspiring and comfortable atmosphere for nurturing a creative performance.

At Phase 3 Studios, we take the reins of the entire process, seamlessly guiding your audiobook journey from discovering exceptional voice talent, recording, editing, mastering and ultimately, distribution. Our distribution capability includes platforms like Audible, Apple Books, Spotify, Google and many others.

We’ve had the honor of working with multiple New York Times best-selling authors, affirming the trust they place in Phase 3 Studios—a testament to the quality of our services. The opportunity is yours to get started—reach out to us and let’s start the realization of your audiobook dream today!

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How long does it take to create an audiobook?

When we produce an audiobook, we work as efficiently as possible to ensure both a smooth and timely production.  For an average six-hour audiobook, production time is typically between 6 and 8 weeks from first day of record.  This would include recording, editing, proofing, mastering, QC approvals and submission to distributor platforms.  The timeline can also be affected by factors such as casting, talent availability, studio availability and any other unforeseen delays.

I don’t have the funds to do this at the moment. Is there another way or payment options?

As with all business ventures, an initial investment is required and producing an audiobook is no different.  Standard payment terms are 50% at the start and the balance due prior to distribution.  We do accept credit cards such as Visa and Mastercard, and other payment types including Venmo and PayPal.

Plus, the sooner you get started, the sooner you will be able to recoup your investment and start making money with your audiobook.

PRO SOUND RECORDING STUDIO

We provide top quality talent and gear to make your project the best it can be.

NATIONWIDE STUDIO NETWORK

We have studios located across the country for easy access to professional recording.

PUBLISHER APPROVED STUDIO

Top publishers trust us to deliver a quality experience for the author and quality book delivered on-time.

Endless Possibilities. Guaranteed Smoothness.

Three decade’s experience working with some of the biggest names in the entertainment industry, over hundreds of projects. Meticulous attention to detail and an artisan-like approach to our craft set Phase 3 Studios apart. We bring all of that to your audiobook project, no matter how large or small, executed with our signature “guaranteed smoothness”, for award-winning results on your project.

Whatever your audiobook needs may be, Phase 3 Studios has got you covered. We are committed to delivering excellence and exceeding your expectations. Don’t hesitate – give us a call today to embark on your audiobook journey with us!