Over the past few years, audiobooks have grown in popularity, and for good reason. They provide readers a practical way to take in books while they commute, work out, or do other things. Since audiobooks are becoming a lucrative industry, both authors and publishers are attempting to capitalize on this development.
So, is it possible to profit from publishing audiobooks? Yes, to answer briefly. Sales of audiobooks have been increasing, and analysts predict that this trend will continue in the years to come. In fact, the market for audiobooks was estimated to be worth $2.67 billion globally in 2020 and is projected to grow to $5.33 billion by 2026.
There are a few essential tasks you must do in order to launch an audiobook business. The rights to the book you intend to turn into an audiobook must first be obtained. This could entail negotiating the rights with the author or publisher or buying the rights to a book that is already in the public domain. You must hire a voice actor or narrator to record the audio after you acquire the rights. You have two options for hiring people: directly or via a service like ACX (more on that later). The audiobook must then be made available through a variety of platforms, including Audible, iTunes, and your own website.
Let’s talk about how much money an author of an audiobook can make now. Of course, the answer fluctuates according to things like the book’s popularity, the length of the audiobook, and the royalty fee you agree upon with the distributor. Authors often receive royalties on services like Audible that range from 25% to 40% of the audiobook’s list price. For instance, if your audiobook costs $20 and your royalty rate is 30%, you will make $6 from each sale.
Can you sell Audible books, to speak of Audible? The answer is no because digital rights management (DRM) software inhibits unlawful distribution of Audible books. However, you can provide Audible or another distributor the rights to your audiobook, and they will sell it on their website.
And lastly, does Amazon own ACX? Yes, the platform ACX (Audiobook Creation Exchange), which is owned by Amazon, allows writers, publishers, and narrators to collaborate with producers to make audiobooks. Finding a narrator, creating your audiobook, and distributing it on Audible, Amazon, and iTunes are all possible with ACX.
In conclusion, the audiobook market is a lucrative one with lots of earning potential for publishers and authors. You may tap into this expanding industry and possibly make sizable royalties by following the right procedures to create and release your audiobook.