Spotify’s Investment In Audiobooks And Its Impact On Marketing Strategies

Since I started living by myself, consuming different content in audio format has become increasingly present in the routine: I listen to the latest news in a podcast released daily at 6 was, I usually prepare lunch whilst listening to true crime stories and I often listen to several guided meditation to help me personally fall asleep at night. All this after remote work: until after that, the path to work was accompanied by several audiobooks that I believed.

Considering myself part of the audience of people who often prefer to consume content through their own headphones, it caught the attention when, last week, Spotify executives announced to their traders that the company’ s next bet is usually audiobooks – and that they would become the new pillar of the business.

Based on Spotify TOP DOG Daniel Esk , “we believe that audiobooks, in their a variety of forms, will be a massive opportunity” – and following the final year’s announcement of the acquisition of Findaway , an audiobook platform that allows authors to create, distribute and monetize their work, it has become even more noticeable.

Precisely why Spotify is investing in audiobooks

It is not difficult to understand why Spotify has directed its initiatives in this new direction. This year, data from Audio Publishers Association pointed to 6, 200 audiobooks produced; in 2015, that number was near to 36, 000; but just five years later, in 2020, that number has virtually doubled: 71, 500 new audiobooks produced.

According to Grand View Analysis , the global audiobook marketplace is expected to expand in a compound annual growth price of 26. 4% through 2022 to 2030 to reach USD 35. 05 billion by 2030. That noises good, right?

This happens probably for a social reason: with Generation Z and Millennials as the main consumers, the audiobook market is dealing directly with a young, busy market with no time to waste.

Delivered and raised with the technical advances of the last decades, these young people are used to carrying out several activities at the same time, frequently sharing the focus of guide tasks with something that demands more concentration.

For many representatives of these generations, multi-tasking optimizes the time and makes it a lot more productive: that’s why so many young people take the opportunity to pay attention to an audiobook or podcast while doing the dishes, dangling the laundry, taking the canine for a walk or cleansing the house.

Unlike the video format, you don’ t need to stare at the screen to remain focused or fully understand the topic.

So it’ s no surprise when a research by the Audio Publishers Association shows that 54% of audiobook listeners are usually under the age of 45 which among Americans over thirteen, consumption of this content format has grown by 60% since 2017.

And according to Grand Review Research , “the growing popularity associated with audiobooks among the younger generation is predicted to boost marketplace growth, as these individuals are likely to encourage their families and encourage their peers, resulting in a larger pool of potential customers”.

But if on the one hand the development of technology allowed the increase in sales of audio books – since consumers may listen to their favorite books on their cell phones and no longer store them on CDs plus cassette tapes -, the eye in past decades, about what is vintage and retro products of this generation also helps explain the growth of audiobooks and the interest in audio content.

According to Spotify’ s Culture Next Report 2022 , more than 73 percent of Gen Z respondents said these people like retro products or even content – and we may say that the audio-focused content experience is nothing more than the particular return of the radio period – now, with wi-fi headphones and no bad wedding reception noises.

The COVID-19 pandemic also played an important part in the audiobook market: information from the same survey show that since the lockdown – where many people had to adjust their work routines to the home office – there has been a considerable increase in the consumption of podcasts and audiobooks, while many users would look for a “no-screens” time and different ways to relax at home.

In a market where free time will be disputed by different intake channels and different streaming providers, I would venture to say that Spotify is betting huge for our attention: with a visually fatigued generation, the music + podcasts + audiobooks combination seems to me to be a good path for the company.

How audiobooks can be a good approach for Marketing

With all the development potential of the audio content material industry, what would be the main challenges for advertising in such a particular consumer format?

The advantages appear to be clearer: considering everything you have seen so far about the audiobook industry, Spotify’s CEO themself said that “what our achievements in music and podcasting has clearly demonstrated is that we have built a powerful device and solid infrastructure that enables us to go after new verticals, ” which seems to me to be a demonstration of how large the available audiobook audience is and how much advertising can be reached with the platform.

The company hopes to achieve a global audience of more than 422 million users simply by entering the audiobook market.

But in addition to the channel while offering with new subscriptions, book previews, different plans with regard to access to specific books, and even Spotify freemium subscription choices, it is essential to assess how the audiobook format as well as distribution impacts on businesses and marketers, advertising and Marketing companies.

Find your audio audience

First, it is important to understand that the audience for audio books is essentially different from the target audience for printed books – and Spotify knows that much better than anyone.

It is not about “updating” a type of user’ s usage, but learning that they are various formats, with similar purposes – therefore , companies that invest in personalized and specific audio Marketing strategies tend to find good (and creative) growth opportunities.

The next step to consider advantage of this channel within an assertive way is absolutely nothing new: get to know your personality! As Ardath Albee mentioned, “A Marketing persona is an outline of a key portion of your audience. For Articles Marketing purposes, you need personas to deliver really relevant and useful content to your market. ”

Therefore , the personality will help you to determine the forms of content you will create, exactly what tone to use, what your growth strategy will be, and particularly whether you will invest in producing audiobooks or in publicizing your services or products in sound advertisements.

So use the character to identify the buyer’s trip of your potential customer and understand the particularities of the segment of individuals who consume content in audio format. With that in hand, you’ ll be able to find potential investment niches – podcasts and audiobooks that may relate to your product or service.

State what they want to hear

After determining the best channels for dissemination of your content, it is necessary in order to define the type of content that the audience is willing to listen to – and, therefore , it is important to produce relevant, educational content material and always related to interesting topics for your persona.

In the event that you’ ve already produced a lot of content teaching something step-by-step, how about developing little audiobooks with these instructions? And also have you ever thought about switching your top 10 blog articles into a series of podcast shows?

Although more challenging for advertising, this channel allows marketers to learn creativity and encourages more personal and connected strategies with the audience.

According to Spotify Culture Next 2022 , “Audio assists Zs explore the most specialized niche sides of themselves and find out identities they never understood they had. In fact , 80% associated with American Zs said audio allows them to explore different sides of their personalities”.

And unlike the passive amusement of movies and TV series, audio-drama series offer a good immersive experience, spark the imagination and stimulate the creativity of the listener.

So , take advantage of the channel to explore the imagination of those who are hearing – always in order to create value, not just to sell some thing!

Find good partners

Because the New York Times pointed out within 2021, digital influencers play a strong role in determining consumer culture today. Whenever strategizing in the audio content material market, therefore , it is fascinating to consider these figures like a new – and often effective – ​​path to achieving Gen-Z and Millennials.

You are able to look for well-known podcasters to market your product or service, even outside of the audio format. After all, most of them already occupy a position of digital influence on some other platforms, such as Instagram, Tweets and TikTok.

This makes the audiobook an even more easily shareable content, which can further raise your presence and mentions on social media.

But if you prefer to invest directly in promoting in mp3 audio books and podcasts, offering a unique and exclusive discount code to listeners of that content material can be a good option. For more assertive data tracking, however , it is wise to send a specific url to be added to the show description.

Learn from those who have currently done it

A good example of purchasing audiobooks is when the measurements of the same content speak in different formats. I’ ll explain better: the Harry Potter series, originally released in printed book structure, has already been turned into a movie and had its actors strongly related to the roles played in the movie series.  

Last year, Spotify announced the release of the audiobook of the first book of the saga narrated by famous people such as Daniel Radcliffe (who played Harry Potter), Stephen Fry (who read all the audiobooks of the series), Eddie Redmayne (who plays the wizard in the series that proceeded Harry Potter, “Fantastic Beasts”) and even the internationally famous football player Brian Beckham.

Another example is certainly described by Maria Snelling in “The Audiobook Market and Its Adaptation to Ethnic Changes”. The true crime podcasting “My Favorite Murder” increased the sales of the audiobook Stay Sexy & Don’t Get Killed , as its audience had been engaged in the format plus theme of the audiobook, exactly the same present in the podcast.

Reading through the book in audio format, according to the article, was “disproportionately more successful” compared to printed book.

I hope these tips can help you understand and invest more in strategies associated with audio content format. I’ m sure you will find interesting opportunities! And if you (like me) are also a consumer associated with podcasts and audiobooks, or want to start with quality content, be sure to listen to Rock Content’ s Jam Sessions to always be updated with Marketing Developments.

The write-up Spotify’ s i9000 Investment In Audiobooks And Its Impact On Marketing Strategies appeared first upon Rock Articles .

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