What’s the Fastest Growing Format in Publishing?

Audiobooks.

If you’ve been to one of my writing retreats in the last three years, you’ve heard me say that audiobooks are huge and getting huger. It’s still true. In fact, despite the huge growth of recent years, audiobook sales jumped another 21% last year, while most publishing sectors declined. Audio revenues increased by 36%. As a result, publishing houses are increasing audio budgets and hiring big-name talent. Reese Witherspoon recorded the audio for Go Set a Watchman. Stephen King released “Drunken Fireworks” in audio format four months before it was released in print.

But the fact that the Big Five are producing audiobooks doesn’t mean you can’t too.

Once upon a time, audiobooks were impossible for self- or small publishers. No longer. Now anyone can do it. I won’t say it’s easy. But I will say it’s possible. And if you don’t do it, you’re not giving your book its maximum possible exposure. To put it in Hollywood terms: You’re leaving money on the table.

The reason for this surge in sales is digital downloads. Audio is no longer dependent upon bulky and fragile physical media like CDs and cassette tapes. Listeners can download audio directly to their phones or iPods in seconds. They can listen while they drive, exercise, run, watch a kid’s softball game, even while they swim (waterproof iPod). Listeners often switch between media–listen with the phone in the car, listen from a tablet while they eat, then switch to actual reading (eBook) when they’re at home. WhisperSync allows them to pick up reading right where they stopped listening to the audiobook.

The largest producer of audiobooks is Audible (now owned by Amazon). Their membership increased by 40% last year. And the stats indicate that Audible members also buy 40% more books in all formats after they become members. They read with their eyes, too, when they can.

In other words, if you still have the audio rights to a book and you haven’t produced an audiobook yet, you’re making a mistake. My wife Lara records audiobooks, and what she has seen time and again is that the existence of an audiobook increases the visibility and spurs sales of both the audio, print, and eBook editions. She has also seen books that have middling print or eBook sales but surge in audio. Sometimes, publishing is just not predictable. You want your book to be available to as many people in as many places as possible.

Have I convinced you that you need to produce an audiobook yet? Good. In the next blog, I’ll tell you how to do it.

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