According to a recent white paper published by Xinhua News Agency, the Chinese audiobook market has experienced significant expansion in recent years, growing from 1.96 billion yuan (approximately $270 million) in 2015 to over 10 billion yuan ($1.5 billion) in 2023. Chinese consumers listened to an average of 8.8 audiobooks last year, surpassing figures reported in the U.S.
But despite the rising popularity of audiobooks, “Chinese publishers are still struggling to find sustainable business models,” said Winnie Li, senior manager and business development executive at OverDrive, at the inaugural International Summit of Audio Publishers, held in New York City in September. “This is primarily due to substantial investment costs, competition, contracting with top-tier narrators, and consumer expectations for free content.”
Ximalaya is currently the dominant player in China, capturing over 70% of the market with 345 million active monthly users, followed by QingTing, Lizhi, and others. These platforms employ four primary revenue models, with paid content (subscriptions and one-time purchases) accounting for 51% of revenue.
Advertising serves as a significant secondary revenue stream. “Because so many of these platforms offer free listening sessions and free content, they’re really using those free materials as premiums to build a strong listener base,” Li explains, “and monetizing through integrated ads.”
Audiobook publishers in China also offer live broadcasts, capitalizing on the popularity of celebrity narrators. Lastly, platforms sell branded hardware such as headphones and smart devices.
Most listeners fall between ages 24 and 40, equally men and women, with fiction accounting for 60% of listening. And, as in other markets, audiobooks have become part of daily life in China, Li said. Over half of parents make audiobooks a daily ritual with their kids, and 82% of listeners share stories with friends. And, Li said, there’s a new trend worth noting: “19% listen to audiobooks with their pets.”
A version of this article originally appeared in the 2024 PW Frankfurt Book Fair digital supplement.
