The concept of audiobooks is even older than eBooks. In 1930, ‘talking books’ were introduced for the visually impaired. Audiobooks used to be available on cassettes, and vinyl which then turned to CDs by the 1990s. In 1995, Amazon launched Audible which was revolutionary. Audible then became a mobile app but started monetization in 2019. In 2023, consumers spent about $425 million worldwide on the mobile app.
With the advent of the internet, audiobooks have changed their approach. They are currently the emerging sector within the OTT. Kuku FM, a Google Backed Indian audiobook OTT platform, received a funding of $25 million. Not only that, their revenues jumped by 800% from FY22 to FY23. We are probably living in the age of innovative OTT platforms!
Audiobooks : The New Way Ahead
Audiobooks took the world by storm for its convenience. Whether one was commuting to work, working out, doing chores around the house or going out for a walk, they could still consume books at the same time.
One of the reasons why Kuku FM is scaling due its high traction and userbase in the US. In the US, usually people commute to places by car. People listened to radio but it has been replaced by new audio models like podcasts, stories in the form of audio.
In India, pricing and localization of content works. The power of storytelling though a new medium is certainly a good change. Kuku FM will be a game changer in the coming years.
eBooks and traditional reading
A reader is still a reader regardless of the medium they use. eBooks are not a recent concept, they date back to the 1970s and the ’80s (and the plot thickens!) When American author Michael S Hart started Project Gutenberg. This was the start of the digitalization of cultural and creative work to make it available in the public domain for free.
It wasn’t until Rocket eBook and Sony Readers were introduced in the late 90s and early 2000s respectively, that eBooks widespread. The turning point of course was the launch of Amazon’s Kindle in 2007. As years passed e-books became easily available and every book started publishing with an E-book copy as well. In 2024, the projected revenue of eBooks in India is close to $237 million.
The collective book market in India is valued at $5.5 billion. Different variations of books can be seen in the world now but traditional books will always have a seat at the table. Perhaps the reading industry may have fallen a few per cent but books are not a dying industry. According to a report by The Guardian, the book market industry is not actually dead but it is just an excuse to pay low salaries.
Print books are still relevant but the market has become more adaptive and extensive for all kinds of readers. At the end of the day, it is important to know the story irrespective of the way you consume it.
Blast from the Past
Remember the good old days when you used to stay up on a school night! Because the Percy Jackso series had quite a grip on you. Or the winter vacations where you used to cozy up in a blanket reading Harry Potter with hot cocoa? Just holding a book in your hand made you feel powerful and comforted at the same time.
We have come a long way since then. The reading industry has been a changing landscape. With the advancement of technology, there has been a shift in reading habits as well. Don’t get it wrong, there is still a mass of people who like to smell books, underline or people who jump when they see a hardcover. But digitalization has brought new ways of reading that have attracted people and audiobooks are the new trendsetters!