Listen up: Audiobooks are hot.
As if we needed any more proof that the audiobook market continues to expand, Rakuten just snapped up OverDrive, Inc. for $410 million in a deal that validates once and for all the power of the spoken word.
According to IBISworld, audiobooks generated $2 billion U.S. globally in 2014, in a market that grew 12.7% per year between 2009 and 2014 and supported almost 4,200 jobs. Mass adoption of smartphones and tablets and the resulting increasingly mobile-centric lifestyle make it easier than ever to purchase, download and access audiobook-based content. That same lifestyle ironically leaves consumers less time than ever to sit down and read a good, conventional book – which further drives demand for audiobooks.
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