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August 20, 2016

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Start-ups to tap sales of audio books

CHINESE start-up firms are seeking opportunities to tap the booming audio book market worth over 2.2 billion yuan (US$330 million) in China annually, Shanghai Daily learned at the ongoing Shanghai Book Fair yesterday.

Shanghai-based online radio service provider said it is partnering Beijing-based e-book reader and service firm iReader to exploit the audio book sector. iReader will authorize audio book copyrights to Qingting, which produces and distributes audio books to its 200 million users.

“Audio book is a new ‘gold mine’ with huge market potential and users are willing to pay,” Yang Tinghao, chief executive of Qingting, said at a conference during the fair yesterday.

In 2015, the revenue of China’s audio book market was 1.66 billion yuan, but it was just a fraction of the global audio book market valued at US$2.8 billion.

However, the domestic market revenue may surge 33 percent annually to 2.2 billion yuan this year, according to industry officials.


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