Audiobooks set to generate revenue of nearly US$1.2b in China in 2020
Online radio platforms, publishers, and e-book stores as well as ordinary people who enjoy reading are drawn to audiobooks which are recordings of text being read, with market revenue set to hit 7.8 billion yuan (US$1.15 billion) in 2020, Shanghai Daily learned today.
The revenue of China’s audiobook market in 2020 will more than double the 3.24 billion yuan in 2017, according to researcher iiMidea.
Qingting, a Shanghai-based online radio platform with over 300 million registered users, has invited ordinary people to read books for audiences through an event called tiansheng or “natural sound" since July. Over 3,000 users have attended the event to contribute voices for audiobooks.
Xiao Yi, chief operating officer of Qingting, said audiobooks will become a complete eco-system for the audiobook industry, which needs “fresh blood and diversified business models.”
Qingting has produced more than 10,000 audiobooks with a team of 300 people.
Audiobook is one of the fast-growing sectors in China as users are willing to “listen to books,” Amazon said recently in Shanghai.
The paid user number of Kindle e-book service jumped 12 times since Amazon debuted the Kindle in China five years ago.