Since years, people have been debating whether audiobooks or ebooks are more popular. Others love listening to audiobooks while driving, cooking, or performing other duties, while some people prefer to read their books digitally. Which format therefore sells more?
Recent statistics show that audiobooks are becoming more and more popular. Revenue from the audiobook sector increased by 16% to $1.2 billion in 2020 from 2019. In contrast, the ebook sector brought in $1.5 billion in revenue, a 4% decrease from the prior year. This indicates that audiobooks are outselling ebooks in terms of sales.
Thus, how can audiobooks generate revenue? Audible, Amazon, and iTunes are common online retailers of audiobooks. Usually between 25% and 50% of the sale is taken by these platforms. The author and publisher divided the remaining money. The success of the book and the narrator are two important criteria that affect how much money an audiobook produces.
There are various ways to earn money reading audiobooks if you’re interested. One choice is to work as an audiobook narrator. On services like ACX, Voices, and Upwork, you can try out for audiobook narration jobs. Typically, narrators are compensated per completed hour of narration, which can be worth up to $500.
Self-publishing your own audiobooks is another option to profit from the audiobook industry. This is possible because to services like ACX, which let you produce and market your own audiobooks on sites like Amazon and Audible. On your sales, you can receive royalties of up to 40%.
One of the biggest names in the audiobook market is Audible, which is owned by Amazon. Sales of audiobooks and service subscriptions are how Audible generates revenue. For a little monthly cost, Audible’s Audible Plus subscription service grants users access to a massive collection of audiobooks.
Do those who narrate audiobooks receive royalties? Yes, audiobook narrators frequently receive royalties based on the audiobook’s sales. Depending on the terms of the contract between the narrator and the publisher, the royalty payment may differ. In addition to royalties, some narrators may earn an advance payment.
In conclusion, audiobooks are soon overtaking ebooks as the most preferred reading format. Sales of audiobooks on websites like Audible and Amazon bring in over a billion dollars annually. Auditioning for audiobook narration employment or self-publishing one’s own audiobooks are two ways that narrators might earn money. Additionally, audiobook narrators are eligible for royalties based on the audiobook’s sales.