Reading with the eyes is old-fashioned... Now it's time to "pamper your ears"

Growth of eBooks and Audiobooks Following Print Books

Photo by Naver

[Asia Economy Reporter Kim Heung-soon] Office worker Kim Soo-young (32) listens to books of interest through an audiobook platform during her daily commute, which takes over an hour on average. She listens to various genres such as novels, general knowledge books, and essays narrated by voice actors or celebrities. Kim said, "When walking, I have to watch where I’m going, and when using public transportation, I couldn’t read books due to motion sickness, so I mostly listened to music," adding, "Thanks to the audiobook service, I was able to finish 10 books in two months without setting aside extra time." Housewife Park Eun-kyung (31) is also an avid audiobook listener. She said, "I couldn’t even think about reading books because of childcare," and added, "Just listening to the content of books refreshes my mood and keeps me informed about current events, so I feel very satisfied."

As of the 3rd, the audiobook subscription service 'Willa' has seen a continuous stream of satisfied users who say their reading volume has increased thanks to the 'listening to books' platform. Audiobooks have established themselves as a customized service for those who previously lacked time, failed to develop reading habits, or kept their distance from books due to poor eyesight.

Listening to Books While Doing Other Tasks
Usage and Time Increased After COVID-19 Outbreak

Audiobooks are gaining attention thanks to the advancement of smart devices such as smartphones and earphones, as well as streaming services. Lee Hwa-jin, head of Willa Influential, recently stated at the 2020 Content Industry Forum hosted by the Korea Creative Content Agency, "There is a demand for 'audio' content that can be listened to for longer periods than music, but modern people’s concentration for reading long texts like books has declined due to the everyday use of internet news and social networking services (SNS). Audiobooks play a suitable role in bridging this gap and alleviating the vague sense of obligation to read books."

Another appeal of audiobooks is the possibility of 'multitasking'?listening to books through narration while doing other tasks. According to a survey conducted by the Audio Publishers Association (APA) in the U.S. targeting 1,009 adults aged 18 and over who use this service, 81% of respondents said they listen to audiobooks because they can do other things simultaneously. The highest percentage (65%) reported using audiobooks while driving, followed by 52% just before falling asleep, and 45% while doing housework.

Due to restrictions on outdoor activities caused by the COVID-19 pandemic, demand for entertainment and things to watch has increased, leading to heightened interest in audiobooks. According to the Korea Creative Content Agency, the usage of genres including audiobooks and e-books increased by 44.9% compared to before the COVID-19 outbreak. The average daily usage time also rose from 63.34 minutes before the pandemic to 91.77 minutes afterward.

To increase user engagement and interest, platform companies feature not only professional voice actors but also actors and singers as narrators. From the narrators’ perspective, audiobooks are recognized as a new market. A content industry insider said, "There is a separate demand from video content such as foreign films or documentaries, and the satisfaction level is high because there is less burden like preparing makeup or costumes."

Source=Korea Creative Content Agency

Global Market Growing Rapidly, Korea at Early Stage
Government Support Expanding Focused on Small and Medium Publishers

According to overseas e-book specialist sites like 'Good e-Reader' and global consulting firms such as 'Deloitte,' the global audiobook market size this year is estimated at $3.5 billion (about 4 trillion 780 billion KRW). It has nearly doubled from $2 billion (about 2.389 trillion KRW) in 2013. Among major countries, the U.S. market size is $1.5 billion (about 1.7474 trillion KRW), and China’s is $1 billion (about 1.1649 trillion KRW), accounting for more than 70% of the total.

The related industry estimates Korea’s market size at 20 to 30 billion KRW. Although still at an early stage compared to the global market, it is rapidly growing centered on major players. For example, Naver’s audio streaming service 'AudioClip' launched in August 2018 has achieved cumulative audiobook sales of 350,000 copies and 273,000 cumulative users as of May this year. According to Naver, comparing the first five months after launch with January to May this year, sales volume grew by 500%, sales revenue by 123%, and paid users by 181%. Willa, launched in April 2018, is estimated to have over 1 million app downloads and about 600,000 cumulative members (including 120,000 paid subscribers).

While audiobooks positively contribute to revitalizing the publishing market, the industry faces concerns about the considerable costs required to nurture the market and expand content. It is known that producing one 300-page book costs an average of 7 to 8 million KRW, including studio fees and narrator fees, which is 3 to 4 times more expensive than producing a paper book, making it difficult for small and medium-sized companies to enter the market.

The Korea Publication Industry Promotion Agency under the Ministry of Culture, Sports and Tourism increased its budget for domestic audiobooks from 800 million KRW last year to over 2 billion KRW this year and plans to expand support for audiobook production costs from 180 million KRW last year to 1.5 billion KRW this year. Since last year, studios for audiobook recording and editing have been established in Seoul and Daegu to support small and medium-sized publishers hesitant due to costs.

This content was produced with the assistance of AI translation services.