- by foxnews
- 17 Nov 2024
The popularity of the audiobook market has exploded in recent years, with technology companies scrambling to gain a foothold. Sales last year jumped 25%, bringing in more than $1.5bn. Industry insiders believe the global market could be worth more than $35bn by 2030.
In recent months, Apple approached independent publishers as potential partners, including some in the Canadian market, but not all agreed to participate.
Publishers, authors and literary agents who spoke to the Guardian said the strategy, if successful, could have significant implications for the market.
Others, however, were skeptical.
Before the launch, one Canadian literary agent told the Guardian she did not see the value from both a literary or customer perspective.
While there is potential for backlash by professional voice actors, authors themselves are increasingly being asked to narrate their own books. There is a financial incentive for the writers, both in the upfront payments and the expanded availability of their work.
But producing an audiobook with a human voice can take weeks and can cost publishers thousands of dollars. The lure of AI promises to significantly cut the costs.
For years, Apple has sold books and audiobooks through its Books app, and the company was rumoured to be interested in developing its own audiobooks service and shifting from a reseller to producer.
Apple justified the rejection by arguing that the way Spotify offers audiobooks breaches the rules surrounding online purchases and how it communicates with customers.
While Apple already sells audiobooks, the latest move is likely to further raise questions over its anti-competitive behaviour. Lawmakers in Europe and the United States have put in place increasing scrutiny of the company in the wake of allegations that Apple limits competition.
Apple collects a 30% fee on all services and product sales through its app store, and a recent antitrust lawsuit involving Epic Games highlighted the tight regulations surrounding the app store, as well as its immense profitability.
Apple recently pulled in $78.13bn from its high-margin services business, which includes sales from apps, as well as its music, gaming and streaming services.
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