The audiobook market - Italy (2024)

1.2 The global market

In **** , the global audiobook market was valued at $*.** million and is expected to expand at a CAGR of **.* percent from **** to ****.The flexible and versatile features of audiobooks allow people to listen to content at any time. Audiobooks make content easily accessible on electronic devices, regardless of time and place.

Audiobook Market World, ****-****, in billions of dollars Grandiewresearch

Regarding the value of the European audiobook market, it is expected to grow at a CAGR of ** .**% between **** and ****. The European market reached *.** billion in **** and is expected to reach *.** billion in ****. Market growth depends on several factors, including the benefits and engagement of audiobook readers, the growing adoption of online local language translation modules in audiobooks, and the proliferation of smart devices and applications. Audiobook Market Europe, ****-****, in billions of euros Technavio

1.3 The local market

The market for books in digital format (***), between **** and **** the value of the market declined slightly, by *.*%. Market for books in digital format (***) Italy, ****-****, in millions of euros IEA As for the audiobook sector, again between **** and **** there was a sustained growth in Italians' spending on subscriptions to the various platforms. During the period analyzed, total spending grew by ***.* percent, from * million euros to **.* million euros. Again, growth is mainly concentrated between **** and **** (***), while between **** and **** growth is only *.*%.

Spending on subscriptions to audiobook platforms Italy, ****-****, in millions of euros IEA

2.1 Demand characteristics

Audio entertainment is growing significantly among Italians. It can be seen that from **** to **** the number of listeners grew by **.*%, a crucial trend for understanding the development of this market, which does not seem to have any kind of setback; from **** to **** the number of Italians listening to audio books and podcasts increased by * million.

Podcast listeners (***) Italy, ****-****, millions of listeners Audible

Many of the consumers believe that audiobooks and podcasts are useful to entertain themselves, learn, fight boredom and stress, improve the study of certain subjects, and even decrease loneliness. In addition to the advantage of multitasking (***), many people say they see these types of products as valuable allies to counteract the overdose of screens we are subjected to on a daily basis and to be able to choose for themselves the topics and news they want to explore in depth. ** percent of listeners prefer content that delves into specific topics, while ** percent are inclined to listen to news and current affairs. Also popular are investigations and reports, chosen by **% of listeners, and content focused on in-depth coverage of social and solidarity issues.

Favorite content (***) Italy, ****, % Audible

2.2 Demand drivers

The main motivations that lead consumers to listen to podcasts and audiobooks are: information, discovery of new content, and in-depth study of a specific topic. Between **** and ****, an increasing trend in the use of podcasts and audiobooks to delve into specific topics was noted, with a * percent increase from the previous year. This shift in interest indicates an increased use of these mediums not only for information and discovery of new content but also as effective tools for in-depth learning.

Why do people listen to podcasts and audiobooks? Italy, ****-****, in % Audible

There are favorite times for consumers to listen to podcasts and audiobooks. **% prefer the time when getting home from work or the evening before running, while **% engage in listening during the weekend. A smaller percentage, **%, engage in listening during the workday.

Consumers' favorite podcast listening time Italy, ****, % Audible More than half of consumers prefer a specific place to listen to podcasts; most prefer listening at home, when returning from work or before going to bed. Listening to them has also become a popular pastime in the car and on public transportation. Favorite place for listening to audiobooks Italy, ****, % Audible

2.3 Geographical distribution of demand

In order to visualize the geographical distribution of consumers, an overview of monthly household spending on book purchases is presented, which is useful data to know the number of readers in the Italian macro-regions. In terms of monthly household spending, the Northwest of the peninsula has the highest expenditure, averaging €**.**/month per household. This is followed by the Center and the Northeast, where average spending is €**.**/month and €*.**/month. Finally, the South and the Islands have the lowest values, with the average expenditure falling to *.** €/month and *.** €/month, respectively.

2.4 New demand trends

Listed below are the ** most listened to audiobooks in Italy in ****:

(***)

3.1 The market structure

Audible: is a company specializing in the production and distribution of audio content, particularly audiobooks, podcasts and other forms of spoken media. Founded in **** by Donald Katz, Audible has revolutionized the way people listen to books and audio content, becoming a leading provider of digital audiobooks. Audible's headquarters are located in Newark, New Jersey, USA. The company has gained widespread popularity by offering a wide range of audio titles, from bestsellers to classic works, and has developed a user-friendly platform that allows users to download and listen to content on various devices. In ****, Audible was acquired by Amazon, becoming part of one of the world's largest e-commerce and technology platforms, which further expanded its reach and capabilities.

Storytel: is a Swedish company specializing in providing audiobook and e-book services. Founded in **** by Jonas Tellander and Jon Hauksson, Storytel quickly gained popularity as one of the leading providers of streaming services for audiobooks and e-books. Its platform gives users access to a wide range of titles, from novels to nonfiction books, available in a variety of languages. Storytel's mission has been to make access to literature and books as easy and convenient as possible by leveraging digital technology to make books accessible ...

3.2 The value chain

In the value chain of the market taken under analysis, advertisers and service user companies play a crucial and central role.

Authors: authors are the starting point of the entire value chain in the audiobook market. They are the ones who create literary works, whether novels, essays, poems or other literary genres. Their creativity and work are essential to producing the original content that will then be adapted into audio format. Publishers: publishers are responsible for selecting, producing, and sometimes distributing audiobooks. They choose the titles to be transformed into audio format, organize the recording process, often involving professional actors or narrators, and oversee the quality of the final product. Publishers may sell the audio rights of their publications to distribution platforms or they may choose to publish and distribute them themselves. In addition, publishers must manage copyright issues and agreements with book authors. Distribution platforms: these are companies, such as Audible, Storytel, or Scribd, crucial in the value chain. They offer platforms through which audiobooks are made available to the public, often through a subscription model. These platforms can also act as publishers, directly acquiring audio rights from producers or agents, and producing original audio content. They play an important ...

3.3 Publishers

Publishers play a key role in the audiobook development process, taking charge of the selection of titles and their transformation into audio formats. They oversee the recording, often collaborating with professional narrators or actors to ensure an engaging, high-quality reading experience. Over the years, enterprises active in book publishing have grown significantly: from **** to ****, there was a *.* percent increase.

Active enterprises under Ateco Code **.** "Book publishing" Italy, ****-****, in number Istat

Mondadori Libri s.p.a: is one of Italy's leading publishing houses and one of the largest in the publishing industry in Europe. Founded in **** by Arnoldo Mondadori, the Mondadori Group has a long history in publishing, starting as a book publisher and then expanding into other sectors. Mondadori Libri S.p.A. is the undisputed leader in the Italian book market, with a market share in the trade sector of **.* percent in ****. Mondadori's retail activities are managed by Mondadori Retail S.p.A., through a network of about *** bookstores (***) and the e-commerce site mondadoristore.it.

Giunti Editore s.p.a: is a historic Italian publishing house, with roots dating back to **** with the founding of the Paggi printing house and bookstore in Florence. The company's current form, Giunti Editore, ...

4.1 Type of Offering

Audiobooks can be enjoyed through a subscription, a paid service that gives users access to a wide range of audiobooks. There are multiple modes of subscription on the different platforms, each with specific features:

Illumitato subscription: this type of subscription, offered by platforms such as Audible, allows users to access a large catalog of audiobooks for a fixed monthly fee. Users can listen to an unlimited number of titles available on the platform. Subscription with credits: some platforms use a credit system, where each month the user receives a credit that can be exchanged for an audiobook, regardless of the price. This model is also popular on Audible. Single purchase: some platforms allow single purchase of audiobooks. In this case, the user pays only for the audiobooks he or she wishes to own. Subscription with limited access: some platforms offer lower-priced subscriptions that limit the number of audiobooks a user can listen to each month. Free subscriptions with advertisements: there are services that offer audiobooks for free, including advertisements while listening. Family or shared plans: some platforms offer plans that allow multiple users to share a subscription, often at a slightly higher but more affordable cost than multiple individual subscriptions. Subscriptions ...

4.2 The prices

Prices for monthly subscriptions to major audiobook distribution platforms are offered below:

4.3 New supply trends: Spotify's entry into the world of audiobooks

Spotify's entry into the audiobook market represents a significant expansion of their audio content offering. Spotify, already well established as a leading music and podcast streaming platform, has announced its intention to enter the audiobook market to further diversify its library and offer added value to its users.

Here are some key aspects of Spotify's entry into the audiobook market:

Content portfolio expansion: With audiobooks, Spotify aims to become a one-stop platform for all types of audio content, attracting a wider audience that seeks not only music and podcasts, but also literary content. Market competition: By entering the audiobook market, Spotify positions itself in direct competition with other major players such as Audible (***), Apple Books, Google Play Books, and Storytel. This could lead to increased competition on price, quality of content, and features offered. Business models and monetization: The monetization strategy for audiobooks could follow Spotify's existing model, which includes premium subscriptions and ad-supported versions. However, new strategies specific to audiobooks could also be explored. Integration with the existing ecosystem: Audiobooks on Spotify could benefit from the platform's intuitive user interface and its powerful recommendation technology, offering a personalized listening experience based on user preferences. Impact on the industry: Spotify's entry ...

5.1 The legislation

National legislation

In the audiobook market, copyright law plays a central role; the Law No. *** of April **, **** establishes the rules for the protection of copyright and related rights. Basic principles include:

Duration of protection: copyright lasts for the author's lifetime and for ** years after his death, a period after which the work enters the public domain. Moral and patrimonial rights: the author has moral rights, such as the right to authorship of the work and the right to respect for the integrity of the work, and patrimonial rights, which allow for the economic exploitation of the work. Assignment of rights: Limits to rights: assignment of copyrights must be specified clearly and in detail in the contract. Collecting societies: authors may entrust the management of their rights to collecting societies such as SIAE.

Community legislation

The Audiovisual Media Services Directive (***) of the EU establishes a regulatory framework for all media services, including audiobooks. The directive aims to create a single market for audiovisual services and takes cultural aspects into account in EU policies. While focusing primarily on services such as television and video platforms, the principles of this directive may also affect the audiobook market, especially in terms of promoting European works, ...

5.2 Youth culture card 2024

Law No. *** of December **, **** (***) introduced new instruments that will be operational starting in ****, namely the Youth Culture Card and the Merit Card, both aimed at enabling the purchase of:

tickets for theater and film performances and live shows; books; subscriptions to newspapers and periodicals, including in digital format; recorded music; audiovisual publishing products; admission tickets to museums, exhibitions and cultural events, monuments, galleries, archaeological sites, natural parks; music courses; theater courses; dance courses; foreign language courses.[***]

Features of the new bonuses

Carta Cultura: is a ***-euro voucher dedicated to Italian residents with an ISEE up to **,*** euros. Merit Card: offers the same amount of *** euros to new **-year-olds who have graduated with top marks by the time they turn **.

Both vouchers can be combined, allowing beneficiaries to take advantage of a total of *,*** euros. The new benefits are intended for those who turn ** on or after January *, **** (***). For those born in ****, nothing changes from the old **app Culture Bonus. They could apply for the €*** bonus by October **, **** and use it by April **, ****. The changes only affect those who have turned ** years old since January *, ****, i.e., those born in ****, who can use the new bonuses starting in ****.[***]

6.1 Segmentation

• Audible
• Storytel
• Kobo Books
• BookBeat
• Mondadori Libri s.p.a
• Giunti Editore s.p.a
• Giulio Einaudi Editori s.p.a
• Giangiacomo Feltrinelli Editore s.r.l