Starting an audiobook business can be a great way to make money, help people learn, or share stories. However, there are several considerations to keep in mind before taking the plunge. This article will discuss the pros and cons of starting an audiobooks business.
Pros:
1. Low Setup Cost: Starting an audiobooks business doesn’t require a large investment of capital or resources, making it an attractive option for entrepreneurs on a budget. Many of the tools needed to create and distribute audiobooks are either free or very low cost.
2. Growing Market: The audiobook market is growing rapidly. According to the Audio Publishers Association, sales of audiobooks increased by 21% in 2018 and are projected to continue to grow over the next few years. This means there’s plenty of potential for those looking to get into the business.
3. Flexibility: Audiobooks can be distributed online, meaning you don’t need to be tied to physical stores or libraries in order to reach your audience. This gives you a great deal of flexibility and allows you to easily scale your business as needed.
Cons:
1. Low Profit Margins: Audiobooks are typically sold at lower prices than print books, which means that profit margins may be lower than expected. This can make it difficult to turn a huge profit, unless you’re able to sell a large volume of books.
2. Time Investment: Creating and distributing an audiobook requires a significant amount of time and effort, which can be difficult for those with limited resources or experience. Even if you outsource some of the work, you’ll still need to dedicate a lot of time and energy to managing the project.
3. Competition: The audiobook market is becoming increasingly competitive, as more authors and publishers are getting into the business. This means that it can be difficult to stand out from the crowd and attract customers.