Audiobooks are staging a triumphant comeback in the business world!
Audiobooks represent a substantial industry, with forecasts predicting a value of $35 billion by 2030. This implies that the audiobook market is expected to experience a yearly growth rate of 26.4% over the next seven years, in contrast to the book publishing market, which is projected to grow at a rate of 1.9%.
The reports further anticipate that earnings from the audiobooks and podcast sector in India will rise from $0.9 billion in 2020 to $1.7 billion by 2024. This accounts for nearly five times the global growth rate.
Reading requires conscious effort, while listening is an immersive experience. Audiobooks are not only a lifeline for the visually impaired and blind but also a valuable resource for those with low literacy or learning challenges.”
According to a recent American survey, “Generation Z is more adaptable to audio contents as they think they are having too much visual stimulations”. Furthermore, with the growing influence of Artificial Intelligence (A.I.), the production of audiobooks becomes more cost-effective, opening doors for broader accessibility at affordable rates. Emerging economies like India, in particular, hold significant potential for the future of audiobooks.
India presents a burgeoning market for content overall, and audiobooks, in particular, are poised for substantial growth. With the largest number of smartphone users in the country, a wealth of talented IT professionals, and government support through initiatives like ‘Start Up India,’ the potential for advancements in audio technology and widespread accessibility, even to the economically disadvantaged, is immense. These platforms, including free apps, can provide affordable access to valuable study materials for those with limited financial resources.
The audio business is on track for an impressive annual growth rate of 24.4% until at least 2027. To put this into perspective, the global audiobooks market was valued at 2.67 billion USD in 2019, showcasing its remarkable expansion.
While print books continue to hold their place as the most popular format for reading, closely followed by eBooks, audiobook listenership is experiencing a staggering surge. In 2019 alone, there was a remarkable 16% increase in audiobook consumption, coinciding with the survey finding that 1 in 5 American adults reported listening to an audiobook.
Approximately 65% of audiobooks fall under the fiction category, and when it comes to genre fiction, including mystery, romance, thriller, and fantasy, it unquestionably reigns as the most widely listened type of audiobook.
The audiobook industry in India is experiencing rapid growth, and there is a vast potential in the education sector for high-quality audiobooks.
In the heartland of Uttar Pradesh, a revolutionary start-up is reshaping the way we experience literature and education. “BuCAudio”, a beacon of innovation under the State Government Start-Up Initiative, is on a mission to glorify the beauty of words and knowledge. BuCAudio specializes in transforming the vibrant literary landscape of Hindi literature into immersive audio experiences. From the pens of young, talented Hindi belt writers, BuCAudio crafts captivating audiobooks that bring stories to life.
As the Gateway to Free Audiobooks, BuCAudio’s commitment to accessibility knows no bounds. Their extensive library of Hindi literature and popular storybooks is available to all on the BuCAudio App, completely free of charge. It’s not end here, BuCAudio provides a massive 50% royalty to all writers and paperback publishers who take services of BuCAudio for conversion of their paperback books to audio books. BuCAudio place these audio books on YouTube platform and 34+ other national and International audio platforms all over the world and the author who owns the copyright earns money from sales of the audio book on all these platforms through the BuCAudio. There is more to kitty, BuCAudio gives free conversion to E-book to the customer along with 50% royalty sharing. A free sixty second book introduction audio visual trailer is also being provided free of cost. All these beautiful products come with a hand holding service to the customer by the very professional BuCAudio marketing and customer care team.
Now, everyone can dive into the rich world of words with ease. But BuCAudio doesn’t stop there. They are the guiding light for aspirants in their pursuit of success. With their visionary project, they’re converting competitive exam courses, including the challenging UPSC syllabus, into accessible audio formats. This initiative aims to empower working aspirants with greater convenience in their exam preparations. Working applicants hence will then have a trusted companion on their journey to excellence. BuCAudio isn’t just a start-up; it’s a movement, a catalyst for change in the world of literature and education. Join the BuCAudio revolution today, and let your love for stories and learning reach new heights. Together, we’ll glorify the magic of words.
(Author- Mr. Atul Sharma, Director & Mentor of BuCAudio, can be contacted at info@bucaudio.com for any sales query related to your paperback book conversion to audio book format, WhatsApp at 95594 45552)