Delivered January 17, 2020. Contributor: Caitlin T.
Provide a SWOT analysis of the e-books market and the audiobooks market in the US.
Opportunity: as more people connect to the internet, acquire smart devices, and become accustomed to making purchases online, the demand for digital audiobooks will increase. Digital is already the preferred audiobook format, accounting for over 90% of sales.
Threat: Mobile apps which can read any on-screen text are a direct competition for audiobooks. Competition from other forms of entertainment is also a threat.
Strengths: The market for audiobooks is growing raipdly and consistently, with seven straight years of double-digit growth year-over-year. The market grew by 27% in terms of unit sales from 2017 to 2018. Audiobook penetration is also strong and growing, with 50% of Americans having listened to an audiobook, up from 44% in 2018.
Opportunity: As more consumers have access to smart devices, particularly tablets and iPads, accessability to and demand for eBooks grows.
Strength: The wide range of eBooks that are available is one strength of this market over competitors. More and more publishers and invididuals are publishing eBooks, making the selection increase over time.
Weaknesses: The eBooks market only accounts for about 20% for the total books market, which is much less than analysts predicted. In addition, it's unlikely to grow much because younger generations prefer print books.
Threats: The majority of eBook consumers are Baby Boomers. Younger generations prefer print books, which could result in the eBooks market losing its market share over time. In addition, eBooks are more expensive than print books in many cases.
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