Blog: Audiobooks

Key takeaways from this blog: Audiobooks are evolving into something far more than just a listening experience With its integration into the wellness sphere and innovations in immersive audio, the medium is carving out new paths MIDiA examines the evolution of audiobooks and the possibilities ahead for the growth of audiobooks Over the past couple of decades, audiobooks have undergone a quiet metamorphosis.

On the heels of Spotify’s embrace of AI-generated audiobooks through their partnership with ElevenLabs, the streaming giant is looking to further democratise and monetise audiobooks. On March 13, Spotify’s For the Record blog announced a new publishing program aimed at independent authors publishing “short-form stories”.

Key insights from this blog: MIDiA's latest audio report, ' The audio creator opportunity ' , argues that brands and platforms can no longer afford to neglect audio creators Audio creators are a fast-growing force in the creator economy, driving demand for better tools and marketing They are more likely to run their work as a business and invest heavily in creator tools, presenting a clear opportunity for tailored solutions With most tools designed for video and music, companies that develop end-to-end platforms for audio creation can unlock a valuable market and empower this expanding community The creator economy is evolving rapidly, and while TikTok influencers and YouTubers often steal the spotlight, there is a fast-growing creator segment that brands and platforms can no longer ignore: audio creators.

As we covered in August 2024, the future of AI-generated audiobooks is here. Up until this month, however, streaming platforms themselves had yet to fully embrace AI audiobook narration. Now, Spotify has announced their support for ElevenLabs ’ AI-generated audiobook content, paving the way for end-to-end audiobook generation that could capture audiences who demonstrate no clear preference between AI- and human-generated content.

On the heels of positive Q4 2024 financials for Spotify , the National Music Publishers Association (NMPA) has not lost a step in holding the company accountable for what it sees as unauthorised music usage.

Since its inception, Spotify has been, and continues to be, the streaming music market’s lightning rod. This is due to its continued ability to maintain leading market share and the fact it is the only leading global DSP that is independent and therefore has to focus place more focus on commercial sustainability than peers owned by global tech superpowers.

It is easy to forget that the audiobook is not a new format. Novels, stories, and poems – much of what the modern world knows best through the written word – all have their origins in the oral traditions of the ancient world.

First there were artists, and then there were podcasters. Now, there are artists, creators, and authors on Spotify. As we covered at the end of November, Spotify has officially renamed its Spotify for Podcasters hub to Spotify for Creators as the company looks to unlock the power of video in podcasting .

As audio platforms continue to expand into industries beyond audio, new fronts in the platform wars are emerging. With Spotify now competing with YouTube for video, podcast, and music supremacy, the company’s foray into audiobooks has placed it in direct competition with Audible and, by extension, Amazon.

On the heels of a North Carolina man being indicted for music streaming fraud, questions about AI and audio — especially as it pertains to intellectual property (IP) rights — continue to swirl. Now, Google's new NotebookLM and its "audio overview" feature are raising questions for audiobook and podcast creators.

Songs may be getting shorter, but many of the most popular podcasts are not. As Ashley Carman reports for Bloomberg , Lex Fridman’s August 2024 episode with Elon Musk reached almost nine hours, while Steven Bartlett’s Andrew Huberman interview reached four.

In March, on the heels of a Danish man becoming the first person convicted of streaming fraud, MIDiA explained how AI could soon enable a golden age of audio piracy . Coupled with the fact that book publishers have been reporting that AI-generated books are being published under their names or oddly similar ones on sites like Amazon and Goodreads, there are big implications for audiobooks.

In early July, Audible’s blog broke the news that the company was introducing a new royalty model for audiobooks. Previously, according to Bloomberg’s Ashley Carman , Audible would do a “buyout”, paying a publisher an upfront fee to have their book on the service rather than distributing royalties according to titles or hours listened.

Radio has been the dominant audio format for a century — and arguably, it still is. According to MIDiA’s Q1 2024 Consumer Survey , 49% of respondents in all tracked markets (excluding China) say they listen to radio weekly.

As Spotify rolls out music-like features for audiobooks, the company still finds itself at odds with the music business, courting one publishing industry while ruffling the feathers of another. So far, Spotify’s publisher dilemma is only intensifying, making it all the more interesting that the company is introducing audiobook countdown pages — effectively album pre-saves but for audiobooks — in the midst of it all.

Video may have killed the radio star, but digital audio platforms and creators increasingly see video as a beneficial supplement to podcasts and audiobooks. From ghost podcasts filmed for social media advertising to podcasts following in the footsteps of TV and film and Amazon opening the IP tap for its Audible to Prime Video pipeline , video crossing over to audio — and vice versa — is a trend that will only continue.

Try as you might, you cannot make everyone happy. Spotify is learning that the hard way as the company tries to make the case for audiobooks to users, shareholders, and the book publishing industry — all while trying to maintain its complex relationship with the music industry.

Everyone knows the story: In the early 2000s, peer-to-peer (P2P) file-sharing platforms like Napster, Kazaa, and LimeWire helped digital music piracy proliferate, ultimately decimating recorded music revenue for years.