In the age of memes, 15-second TikTok videos, and a constant flow of news notifications popping up on your phone, it may seem like people’s attention spans are no longer geared toward content that lasts any longer than five minutes.
That’s why we wanted to share a surprising entertainment sector that is bucking that trend: audiobooks.
Audiobooks give people the ability to multitask. You can’t physically read a book while driving to work or working out but you can listen for an hour during your morning commute or while pounding the treadmill. They also provide individuals with visual impairments or learning disabilities with a much-needed alternative to reading.
And it’s becoming big business…
Audiobook sales in the United States have grown at a noticeable pace each year since 2018:
And globally, audiobook revenue for 2022 is projected to be $5.38 billion.
Of course, we aren’t just sharing this because it’s an interesting fact to know.
LikeFolio Co-Founder Andy Swan really likes this space, and especially what one publicly traded company, in particular, is doing.
This company is taking market share away from the current leading audiobook provider, Amazon.com Inc. (AMZN). Rather than have to pay for a subscription like through Amazon’s Audible audiobook service, this company allows you to own the audio version you purchase.
It also has an advantage over Apple Inc. (AAPL), which is using AI (artificial intelligence) to narrate its audiobooks; if you haven’t experienced it already, listening to a robot read a book is about as enticing as you would imagine.
Andy also believes this company is dominating the “sound” space, similar to how Netflix Inc. (NFLX) has dominated video.
The stock is already off to a hot start for 2023, up 53% as of this writing.
But that doesn’t mean there isn’t still money to be made here, especially as audiobooks continue to help bring more people — along with their wallets for spending — to this company’s platform.
Here’s more from Andy: