What is the Audible business strategy?
Audible’s business model is based on e-commerce, creating an online business that sells subscriptions to all genres of audiobooks, from business books to Amazon best-sellers, directly to customers, among other audio content. With its affordable subscription-based business model, Audible has been able to increase its market share and become the largest audiobook service of its kind.
Easily allowing customers to purchase and listen to audiobooks on the go through their smartphones, Audible has changed the game just like Netflix, Apple’s iTunes, Uber, and Walmart Plus. Let’s take a deeper look into Audible’s business strategy and how it’s led to such success.
About Audible
Audible offers a wide range of audio content, including audiobooks, podcasts, and original audio stories. It has become a popular destination for those who want to listen to their favorite stories in a more convenient and immersive way, but do you know its history?
Audible’s history
Audible, Inc. was founded in 1995 by Don Katz, a former journalist and author, as a provider of spoken audio entertainment, information, and educational programming. When the company was first a startup in 1997, it launched a product called the Audible MobilePlayer, to which users would download audiobooks from online. This device contained approximately 4MB of flash memory storage, roughly only two hours of audio. Today, Audible’s platform is much simpler, with cross platform syncing and a vast array of audio versions of various content, including audiobooks and podcasts.
Audible as we know it
In 2008, Audible.com was acquired by Amazon and has since become a subsidiary of the company. Under Amazon’s ownership, Audible has grown to become the world’s largest producer and seller of digital audiobooks and other audio content. The company now offers a wide range of audio programming, including original audio series, podcasts, and audio versions of books, magazines, and newspapers, through a subscription-based business strategy.
Subscription options
As previously mentioned, Audible operates on a subscription model, with different plans offering different levels of access at various price points, such as follows:
Audible Plus: This plan offers unlimited access to the Audible Plus Catalog, with a selection of thousands of audiobooks, podcasts, and more, including Audible Originals. It costs $7.95 per month.
Audible Premium Plus: This plan includes all the benefits of Audible Plus, plus a credit each month that can be used to purchase any audiobook title in the Audible library. It costs $14.95 per month.
Audible Premium Plus Annual: This plan includes all the benefits of Audible Premium Plus but with a discounted annual rate of $149.50 (equivalent to $12.46 per month).
30-day trial: If you’re a first-time subscriber, you’ll also be eligible for a free trial allowing you to enjoy free audiobooks at no risk for 30 days while you test out the platform.
Additional credits: If you have been a paid Audible Premium Plus member for more than 30 days and have less than two credits in your account, you can buy three extra credits.
How long do I get to keep my content on Audible?
As long as you maintain a subscription, you can keep access to the ever-growing and rotating Audible Plus Catalog. However, if you cancel your membership, you will no longer have access to this content and will only be able to see the content you purchased with your credits.
How Audible has grown into the giant it is today
Audible’s business model relies heavily on its ability to attract new customers and retain subscribers. To do this, the company offers a variety of incentives, such as free trial periods, discounts, and Audible original exclusive content. Audible also relies heavily on its partnerships with authors, publishers, and other content creators to ensure that its library is constantly updated with new and interesting content.
Additionally, Audible leverages various digital marketing strategies to attract new customers and increase customer loyalty, including online advertising, social media marketing campaigns on various platforms, including LinkedIn, Facebook, Instagram, Twitter, YouTube, and TikTok, as well as influencer marketing.
Why is Audible’s Business model so successful?
Audible’s business model is successful for a number of reasons. First, Audible offers a wide selection of audiobooks, podcasts, and other audio content, making it easy for customers to find something they like. Second, Audible offers a subscription model that allows customers to access unlimited content for a low monthly fee. Third, the company has a strong focus on customer service, offering personalized recommendations, customer support, and a generous return policy. Finally, Audible has established partnerships with major publishers, allowing them to offer exclusive content and discounts. All of these factors have helped make Audible one of the most successful audiobook services on the market.
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FAQ
What type of business is Audible?
Audible has become the world’s leading provider of digital audiobooks, podcasts, and original audio shows.
What does Audible offer?
By creating an innovative streaming service and customer-friendly digital library, Audible strives to help people create joy out of otherwise mundane tasks by making multitasking easy with various thrilling audio content to listen to while working, driving, doing chores.
Can I use Audible on Kindle?
Audible works with most newer Kindle models. However, if you did not use your Amazon credentials at sign-up initially, you will need to merge your Audible and Amazon accounts. To do this, sign in on desktop, hover over your name in the top-right corner, click “account details,” and then “merge now” at the top of the screen and complete the steps.
Does Audible offer a family plan?
While Audible does not offer family plans at this time, you can create an Amazon Household Library and share audiobooks across devices with one other family member.
How does Audible make money?
Through direct sales of audio content to customers via its subscription service.
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