Audiobooks - Nigeria | Statista Market Forecast

In Nigeria, revenue in the Audiobooks market is projected to reach US$666.40k in 2024.
This revenue is expected to demonstrate an annual growth rate (CAGR 2024-2029) of 10.66%, leading to a projected market volume of US$1.11m by 2029.
Additionally, the number of readers Nigeria's Audiobooks market is anticipated to reach 11.7m users by 2029.
User penetration in Nigeria will be 3.3% in 2024 and is expected to rise to 4.6% by 2029.
The average revenue per user (ARPU) in Nigeria is projected to amount to US$0.09.
In a global context, the majority of revenue will be generated the United States, with a figure of US$3.41bn in 2024.
In Nigeria, the rising interest in audiobooks reflects a growing demand for accessible storytelling and educational resources amidst a vibrant digital landscape.

Definition:

Audiobooks refer to spoken-word recordings of text content, typically books or other literary works, that are narrated and made available in an audio format. These recordings enable individuals to listen to the content rather than read it, offering a convenient alternative for consuming literature and educational materials. Audiobooks are often accessed through digital platforms or physical media such as CDs, providing users with flexibility in how and when they engage with the content.

Additional Information:

The market comprises revenues, users, average revenue per user, and penetration rates. Revenues are generated through purchases and subscriptions. Key players in the market are companies, such as Audible, Apple Books or Goolge Play Books.

Subscription revenues from services, such as Audible
Audiobook downloads, such as from Apple Books
Physical CD copies of audiobooks, such as buying in-store or online
Physical or digital audiobooks from Tonies

Advertising revenues, such as from non-premium content on streaming services
Subscription revenues from streaming services primarily for music, such as Spotify
Physical sales of tapes

Data coverage:

The data encompasses B2C enterprises. Figures are based on the Audiobooks market, which comprises all revenues generated by subscriptions, digital or physical audiobooks in form of CDs or Tonies. Revenues are also based on app spendings.

Modeling approach / market size:

The market size is determined through a bottom-up approach. We use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Consumer Insights), as well as performance factors (e.g., user penetration, price per product, usage) to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as various macroeconomic indicators, historical developments, current trends, and reported performance indicators of key market players. In particular, we consider average prices and annual purchase frequencies.

Forecasts:

We apply a variety of forecasting techniques, depending on the behavior of the relevant market. For instance, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, 4G coverage and internet penetration.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Consumer Insights data is reweighted for representativeness.

In 2020, audiobook sales revenue in the United States reached 1.3 billion U.S. dollars, continuing the upward trend which began in 2018. In order to better reflect the audiobook segment of the book industry, the source calculating the figures changed its method of doing so to align its figures more closely with other reports. This means that audiobook revenue in recent years looks dramatically different than in the early to mid-2010s, but the source also reported a nine-year trend of double-digit audiobook revenue development, indicating that the format is set to enjoy a prosperous future.