Are you looking for ways to make money on Audible in 2023? Or, Are you a writer, narrator, or publisher looking to monetize your content on Audible? It’s a great time to start planning for an income stream within the Audible platform. To ensure you get the most out of your efforts, it’s important to understand Audible’s royalty system.
As the world’s largest producer and retailer of audiobooks, Audible primarily appeals to bookworms who would rather listen to a New York Times bestseller during their commute. Comparatively, this is not the case with your local radio station. The Amazon-owned platform has over 3 million audiobook titles ranging from brand-new releases to well-known classics.
In this blog post, we’ll discuss the basics of how to make money on Audible in 2023, including the various royalty models and payment options available. We’ll also talk about the benefits of using Audible to create a passive income stream and share some tips for getting started. Whether you’re a new or experienced author, publisher, or narrator, this post will give you a better understanding of how to make money on Audible in the coming years.
What Is Audible?
Audible is a popular audiobook platform owned by Amazon that offers an audiobook, podcast, and spoken-word entertainment subscription service that provides access to thousands of titles. It is a great way to listen to books, podcasts, radio shows, and more on any device without carrying physical media.
Audible has a library of over 425,000 titles, including bestsellers, popular books, and even exclusive content. It is available in 21 different languages, and members can choose from various genres. Audible also offers exclusive content, including original audio series, radio shows, and more.
For content creators, Audible offers a unique opportunity to monetize their work and reach a vast audience of audiobook listeners. Audible provides an easy-to-use platform for content creators to publish their work and earn royalties based on the number of hours listened to by Audible members.
To publish content on Audible, content creators must first sign up for the Audiobook Creation Exchange (ACX) program, Audible’s platform for connecting content creators with narrators and producers. Once a content creator has produced their audiobook or other spoken-word content, they can upload it to the ACX platform and set the price for their content.
Why Are People Interested In Making Money On Audible?
The audiobook industry is experiencing rapid growth, and Audible service is the market leader. In 2020, the audiobook industry was worth $3.5 billion and was expected to continue to grow.
Making money on Audible is an increasingly popular activity for various reasons. For starters, Audible provides a wide range of opportunities to make money. From selling audiobooks to advertising, there’s a wide variety of ways to make money on the platform.
Additionally, Audible provides users with an easy-to-use platform that allows them to quickly and easily set up their accounts and start making money. This makes it an excellent option for those just starting out and needing a simple way to make money.
Another great thing about Audible is that it pays out quickly. Once you’ve earned money, you can easily transfer it to your bank account or use it to purchase products or services through the platform. This makes it an excellent option for those who need money immediately and don’t have time to wait for a traditional payment method.
And making money on Audible is relatively low risk. Unlike other money-making methods, Audible doesn’t require you to invest large amounts upfront. This makes it an excellent option for those who don’t want to risk their capital.
What is Audible’s Royalty System?
Audible’s royalty system is based on the number of hours of listening. Content creators can earn up to 40% of their content’s list price in royalties for the non-exclusive distribution and up to 90% of their content’s list price in royalties for exclusive distribution.
Exclusive distribution means that content creators make their content available exclusively on Audible, which provides them with higher royalty rates and additional promotional opportunities. Non-exclusive distribution means creators can distribute their content on other platforms like Apple Books or Google Play.
If you choose not to enroll in the exclusive program, your royalty rate will be 25% of the audiobook’s sale price. This option allows you to sell your audiobook on other platforms, but remember; you’ll earn less per sale. It’s to note that Audible’s royalty system is based on the audiobook’s sale not its production cost or the amount of time it took to create it. This means you’ll earn more money if you price your audiobook higher.
Another factor that affects your royalties is the length of your audiobook. Audible pays royalties based on the size of the audiobook length in hours, and the royalty rate decreases for audiobooks shorter than 1 hour or longer than 24 hours.
It’s also worth mentioning that Audible offers a bonus program called “Promotions,” which can increase your royalties even further. Under this program, Audible will promote your audiobook to its members and pay you a bonus based on the number of downloads it receives during the promotion.
What is Audible Exclusive vs. Non-Exclusive Audiobooks?
When creating audiobooks for Audible, authors, and publishers have two options: create an exclusive or non-exclusive audiobook. Each option has its own benefits and drawbacks, and it is essential to understand these before deciding.
An exclusive audiobook is only available on Audible. It cannot be sold or distributed anywhere else, including on other audiobook platforms or retailers. The benefit of creating an exclusive audiobook is that it is eligible for Audible’s exclusive promotion and marketing programs. This means that Audible will promote the audiobook more heavily, increasing its visibility and potential for sales. Additionally, authors and publishers who choose this option are eligible for a higher royalty rate, up to 40%, depending on the audiobook length.
However, exclusive audiobooks have drawbacks. The biggest one is that the audiobook is limited to Audible’s audience, which may not be as large as other audiobook platforms or retailers. Additionally, authors and publishers are restricted in terms of pricing and promotion. They cannot offer the audiobook at a lower price anywhere else or offer free upgrades for the audiobook.
Non-exclusive audiobooks can be sold and distributed on multiple platforms and retailers, including Audible. The benefit of creating a non-exclusive audiobook is that it can reach a larger audience and potentially sell more copies. Additionally, authors and publishers have more control over pricing and promotion, as they can offer the audiobook at a lower price or offer free advertisements.
However, non-exclusive audiobooks also have drawbacks. The biggest one is that the royalty rate is lower, up to 25%, depending on the audiobook length. Additionally, the audiobook may not be eligible for specific Audible promotional programs.
Audiobook Creation and Production on Audible.
Creating and producing an audiobook is crucial to making money on Audible. Before diving into the process, it is essential to understand that the quality of your audiobook will impact the listener’s experience and influence your earnings. Therefore, taking the time to produce a high-quality audiobook will pay off in the long run.
01. Choose a Topic for Your Audiobook
Choosing the right topic for your audiobook is the first step in creating a successful audiobook. Select a topic you’re passionate about that will resonate with your target audience. Look for issues that are in demand or that you have expertise in, which will help you to stand out in a crowded market.
02. Write the Script or Manuscript for Your Audiobook.
Once you have chosen a topic, the next step is to write a script or manuscript. Keep in mind that audiobooks are different from written books. The hand needs to be conversational and easy to listen to. Consider the pacing and flow of your content and the language and tone used. Keep your target audience in mind when crafting your script or manuscript.
03. Record Your Audiobook:
After you have written your script, it’s time to record your audiobook. You can register your audiobook in a studio or from home, depending on your budget and resources. Ensure your recording setup is high quality and free from noise, distractions, or background sounds that can impact the listener’s experience.
04. Editing and Post-Production:
Once you have recorded your audiobook, it’s time to edit and polish the final product. Editing involves removing any mistakes or unwanted sounds, and post-production involves adding background music or sound effects to enhance the listening experience. You can choose to do the editing and post-production yourself or hire a professional to do it for you.
Best Way to Publish Your Audiobook on Audible.
Audible is the world’s largest selection of audiobooks, so it makes sense to start there if you want to make your work available in audiobook format. With Audible, you can quickly and easily make your book available for purchase in their store. The process is simple and requires no technical knowledge.
The first step is to create an Audible Author Account. This will allow you to access the tools and resources to get your book published on Audible. Once your account is set up, you can upload your audiobook and provide the necessary information, such as the title and author’s name. You’ll also need to upload a cover image and briefly describe the book.
Next, you’ll need to record your audiobook. You can either hire a professional narrator or record it yourself. If you choose to hire a narrator, you’ll need to provide them with the book’s text, cover art, and a brief description of the book. Depending on the narrator, there may also be a fee for their services.
Once the audiobook is recorded, you must submit it to Audible for review. They’ll review the audio quality and content to ensure it meets their standards. Once approved, your book will be available in the Audible store.
Audible offers a variety of promotional tools to help get the word out about your book. You can create a book trailer, run ads, and more. You can also use their devices to track your sales and gain insights into your book’s performance.
Best Ways To Earn Money on Audible.
Audible is an online company that offers audiobooks and other audio content to its customers. It is a great platform for those looking to make extra money. Here are some of the best ways to earn money on Audible.
01. Sell your audiobook on Audible
2,700+ books are published daily; It would be best to produce an audiobook, which can be done by recording it yourself or hiring a professional narrator. Ensure the audiobook is high quality and meets Audible’s presentation standards.
ACX is Audible’s audiobook authoring and sharing platform. You must create an ACX account to publish your audiobook. This account will allow you to connect with, audition, hire narrators and producers, and upload audiobook files to the Audible platform.
Set the price for your audiobook, which should align with industry standards. Audible will charge a commission for each sale, so factor this into your pricing.
After submitting your audiobook, Audible will review it to ensure it meets our submission standards. If your audiobook is approved, it will appear on Audible, Amazon, and iTunes. Millions of customers can buy it from these places.
02. Royalties from audiobooks
Once your audiobook is published, you need to set your price. You can choose a price range or set a fixed price for your audiobook. After your audiobook is published and available on Audible, you can earn royalties. Audible pays a 40% royalty for each audiobook sold. This means that for every $10 audiobook sold, you’ll make $4 in royalties.
Promoting your audiobook is the best way to increase sales and earn more royalties. You can use social media platforms, email marketing, and other advertising methods to promote your audiobook and attract more listeners. Audible provides detailed reports on your earnings, sales, and other essential metrics. You can use this data to track your earnings and adjust your marketing strategies to increase sales.
03. Audiobook editing and production
Earning money at Audible through audiobook editing and production is an excellent opportunity for those with a background in audio engineering, voiceover recording, or other audio production skills.
To produce and edit audiobooks, you must have experience and skills in audio engineering, voiceover recording, and audio production. You can take classes or work with mentors to learn these skills.
Find authors needing audiobook production through platforms like ACX, which connects authors with producers. You can also communicate with authors on social media or book publishing websites.
If you find an author who needs an audiobook produced, you’ll need to negotiate the terms of the project, including a schedule, price, and other requirements. After agreeing, you can start recording and producing the audiobook. You’ll need to set up or rent a recording studio, hire voice talent, record your narration, and edit the audio files.
04. Affiliate marketing
To become an Audible affiliate, you must sign up for the Audible Affiliate Program on the Amazon Associates website. Affiliate marketing involves promoting other people’s products or services to your audience on your blog post, social media, email, etc. If it results in a sale, you will receive a commission. Over time, this can become a healthy source of passive income.
After joining the Audible affiliate program, you can start promoting Audible to your audience by creating valuable content, such as audiobook reviews or recommendations. You can also share your referral link on your social media accounts or email newsletters.
Audible offers a 30-day free trial with a free audiobook, which can be an Audible original or an old favorite. If a trial user decides after 30 days that Audible isn’t for them, they have the right to cancel their membership. If not, they can upgrade to a monthly subscription to Audible.
The prices apply to subscriptions. An Audible Plus subscription is $7.95 per month and includes access to many best-sellers, original works, podcasts, and more. The Audible Premium Plus plan costs $14.95 per month. This plan includes one credit/month for premium selection titles and access to Catalog Plus.
How to Succeed as an Audible Affiliate:
- Offer your audience a free audiobook – Consider offering your audience a free audiobook via a promotional code or link. This allows them to try Audible without having to pay for a subscription. Once they’ve signed up for the free trial, they can become a paying subscriber and earn a commission.
- Provide natural value to listeners: To be successful as an Audible affiliate, you need to provide genuine value to your listeners. This means creating valuable, engaging, and informative content. You can review audiobooks on your website or social media pages, share your experience listening to audiobooks, or provide tips and advice on how to get the most out of Audible.
- Earn Money Without Selling – One of the best things about being an Audible Affiliate is that you can make money without selling anything. All you need to do is promote Audible to your audience through your content and marketing efforts. If people sign up for Audible through your unique affiliate link, you’ll earn a commission, even if they don’t buy anything immediately.
Tips: How To Be Successful On Audible
Here are some tips on how to be successful on Audible:
- Choose the right books. When you’re starting out, it’s important to choose popular and well-reviewed books. This will help you attract listeners and build a following.
- Narrate your own audiobooks. If you have a good speaking voice and you’re comfortable reading aloud, you can narrate your own audiobooks. This will give you more control over audiobook production, and it will also save you money on narration fees.
- Promote your audiobooks. Once you have a few audiobooks published, it’s important to promote them. You can do this by creating a website or blog or using social media.
- Create a strong marketing plan. In addition to promoting your audiobooks on social media and on your website, you should also consider other marketing strategies. These include running paid advertising campaigns or submitting audiobooks to audiobook directories.
- Get reviews. Reviews are essential for any audiobook. When you get positive reviews, people will discover your audiobooks.
- Network with other audiobook narrators and authors. Networking with other people in the audiobook industry can help you learn more about the business and get your audiobooks in front of more people.
- Be patient. It takes time to build a successful audiobook business. Don’t get discouraged if you don’t see results immediately. Just keep creating great audiobooks and promoting them, and eventually, you will see success.
With diligent work and dedication, you can succeed on Audible. Just remember to choose the right books, promote your audiobooks, get reviews, and be patient.
Common Mistakes to Avoid When Making Money on Audible.
- Not investing in quality production: One of the most critical factors for success on Audible is the quality of your audiobook production. If your audiobook sounds poorly recorded or the narration is not engaging, it will not attract listeners. Invest in professional production and hire a skilled narrator to ensure your audiobook meets Audible’s quality standards.
- Neglecting to market your audiobook: Even if you have a high-quality audiobook, it won’t sell if nobody knows about it. Marketing is crucial to attracting listeners and driving sales. Use social media, email newsletters, paid advertising, and other marketing channels to promote your audiobook.
- Setting the wrong price: Setting the incorrect price can limit the sales potential of your audiobook. If your price is too high, it may discourage potential listeners from purchasing it. On the other hand, setting the price too low can suggest that the audiobook quality is poor. Research the costs of similar audiobooks and develop a competitive price that reflects the quality of your work.
- Not paying attention to audience demand: Your audiobook should cater to your target audience. This means understanding the genre, the tone, and the style that will resonate with your listeners. If you fail to meet the needs of your audience, you will not see much success on Audible.
- Rushing through the production process: While publishing your audiobook promptly is essential, running through the production process can lead to mistakes. Ensure that you take the time to review your audiobook for errors and make any necessary changes before uploading it to Audible.
- Failing to leverage reviews: Reviews can significantly impact the success of your audiobook on Audible. Encourage your listeners to leave reviews and use them to improve the quality of your future audiobooks.
In conclusion, this guide has provided an in-depth understanding of Audible, its potential to earn money, and various ways to earn income as an Audible affiliate. You can create a successful income stream as an Audible affiliate by offering free audiobooks, providing value to listeners, and making money without selling. With the growing popularity of audiobooks and the audiobook industry, there is tremendous potential for future growth and profit. It’s never too late to start making money with Audible, and with the information provided in this guide, you have everything you need to start your journey. So take the first step and start earning money at Audible today!
If you are considering alternative methods of earning income online, please review:
Frequently Asked Questions:
How do I make money on Audible?
You can make money on Audible by publishing audiobooks and earning royalties from sales.
What is Audible’s royalty system?
Audible’s royalty system pays authors and narrators based on the sales of their audiobooks. Royalties are calculated as a percentage of the sale price and vary based on the distribution model and the exclusivity agreement.
What is the difference between exclusive and non-exclusive distribution?
Exclusive distribution means that your audiobook is available exclusively on Audible, while non-exclusive distribution allows you to sell your audiobook on other platforms as well.
How do I set the price for my audiobook on Audible?
Audible has a suggested retail price for audiobooks, but you can choose to set your price if it falls within the suggested price range.
How do I promote my audiobook on Audible?
You can promote your audiobook on Audible through social media, email newsletters, paid advertising, and other marketing channels. You can also leverage reviews to attract new listeners.
How often do I get paid for audiobook sales on Audible?
Authors and narrators are paid royalties monthly as long as they meet the payment threshold and the information is up-to-date.
How can I increase my earnings on Audible?
To increase your earnings on Audible, consider investing in high-quality production, marketing your audiobook effectively, setting the right price, and catering to audience demand.
Can I sell audiobooks I have already published on other platforms on Audible?
Yes, you can sell audiobooks that you have already published on other platforms on Audible, as long as you have non-exclusive distribution rights.
How do I become an Audible narrator?
To become an Audible narrator, you need to have a professional recording setup, experience in voice acting, and the ability to work with Audible’s technical requirements. You can apply to become a narrator through Audible’s ACX platform.