For a good reason, audiobooks have grabbed the hearts and minds of millions of people. This thriving market offers several benefits for both listeners and authors.
Over 400 million people listen to some of the estimated 5 million podcasts made worldwide. On the other hand, audiobooks have risen like a rocket, with double-digit growth for over a decade and nearly 75,000 new titles coming out in 2023. Almost half of all adult Americans have indulged in the magic of an audiobook.
Self-published authors, the time to act is now! Take advantage of this chance to captivate a new audience.
From Audio Blogs to Mainstream: A Brief History of Podcasts and Audiobooks
The earliest podcasts, known as “audio blogs,” emerged in the 1980s. The rise of easy Internet access and the introduction of portable digital devices like the iPod helped popularize the medium. However, it wasn’t until the release of the hit podcast “Serial” that podcasts truly gained mainstream recognition. Sponsored by “This American Life,” the first season of “Serial” was a surprising success, garnering 68 million downloads and becoming the first podcast to win a Peabody Award.
On the other hand, the history of audiobooks dates back much further. The American Foundation for the Blind recorded the first audiobook, a vinyl recording of “The Great Gatsby,” in 1952. The advent of cassette tapes and CDs made producing and distributing audiobooks easier, and digital audio formats like MP3s have only increased their accessibility.
Why Self-Published Authors Should Consider Making Audiobooks
Having an audiobook version of your book can help increase its visibility and make it more discoverable, enhancing your author brand and establishing you as a leading voice or thought leader. In addition, audiobooks are an additional source of revenue through online book retailers and alternative sources like libraries and organizations for the visually impaired.
Some industry experts also believe that having an audiobook version can lead to increased sales of print or eBook versions. To be recognized as a serious author in today’s market, it’s important create books in all formats: print, eBook, and audiobook.
Challenges for Self-Published Authors in Making Audiobooks
Only recently, the high cost and long timeline of creating audiobooks made it difficult for self-published authors to venture into this medium. Converting a 60,000-word manuscript into an audiobook could cost up to $10,000 and take 4 to 6 months to complete, making the return on investment uncertain. With the low royalties paid by Amazon’s Audible (25–40%), authors would need to sell hundreds of audiobooks to earn back their initial investment. However, with new options for low-cost audiobook creation, self-published authors can now take advantage of this growing market for audio storytelling.