In the United States, for instance, recorded music revenues grew by 12 percent in 2018 3 vinyl record revenues went up by 8 percent, showing that even physical music media can still have consumer appeal. The anticipated growth in audiobooks and podcasts is part of a larger trend of better-than-you-might-think growth in audio overall. Watch the video on this year’s TMT Predictionsĭownload the Deloitte Insights and Dow Jones app
EASY LISTENING AUDIOBOOKS PDF
View TMT Predictions 2020, download the report, or create a custom PDF The signal is clear: Audiobooks and podcasts are outgrowing their “niche” status to emerge as substantive markets in their own right. But in a world where overall media and entertainment growth stands at just 4 percent, 2 25 to 30 percent annual growth is impressive, even considering the low absolute base. These numbers may not look like much next to radio’s US$42 billion and music’s (recorded and live) US$51 billion global annual revenues (figure 1).
We also predict that the global podcasting market will increase by 30 percent to reach US$1.1 billion in 2020, surpassing the US$1 billion mark for the first time. And audiobooks aren’t the only audio format gaining in popularity. In 2020, Deloitte predicts, the global audiobook market will grow by 25 percent to US$3.5 billion. The next time you settle down with a good book, will you reach for a set of headphones instead of an eReader? Audiobook publishers are hoping so-and the market’s anticipated growth lends weight to their aspirations. The audiobook and podcasting markets are growing far faster than the overall media and entertainment market.
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