Audiobook streaming services are growing fast in the Nordics, attracting not only an increasing number of paying households but also new actors. The market is still young and characterized by strong competition. The churn factor, i.e. subscribers leaving or switching between different services, is very high. This implies challenges going forward.
The Nordic audiobook market continues to set new records, with subscribing numbers all through the Nordics climbing fast. Daily reach (“reading/listening”) among 15–44-year-olds’ is approx. 9% on average across the region. As we have seen before, a thriving market attracts new actors – also the case here. During the last years, competition on this market has become fierce.
Strong competition is also spurring a substantial churn. Only half of all subscribers are planning to retain their accounts during the coming 12 months. Many customers are aware of their strong bargaining position as they can easily go price-hunting, with content offerings more or less identical over the different services. Churn is likely one of the most important KPI:s for this market segment and necessary to address in order to see a continued growth. Especially as actors like Spotify are increasing their investments in non-music content, becoming a potential substitute to the audiobook services.
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