Publishers who look beyond the trade sales ledger will find an audience that never left the page; it simply vanished from the spreadsheet.
The Headlines the Trade Conveniently Missed
OverDrive’s 2025 report records 820 million digital library loans, but the figure that matters – 379 million ebook borrows – quietly outpaces audiobooks (316 million) by 20%. In ecosystems where price friction is zero, readers still choose text.
The Myth That Won’t Die (Because The Industry Likes It)
Industry panels repeat the mantra “audiobooks are the only growth format.” The claim survives because visible trade statistics ignore Kindle Unlimited self-published and APub downloads, library loans, D2C sales… a topic covered many times by TNPS.
And given so much of that – KU, library loans, etc, are self-published, it’s no surprise the mainstream industry prefers to look the other way.
Amazon doesn’t share much, but it does share its Kindle Unlimited pot payout to self-publishers and small presses. In 2025 it paid out just shy of $700 million, none of which is included in the mainstream trade figures. In addition APub ebook sales are not reported. Nor are self-published ebook downloads on other subscription platforms. And of course a la carte ebook sales by APub and self-publishers are not counted.
What Ebook Plateau?
The “ebook plateau” is a measurement error, not a market truth. While audiobooks capture buzz, text is still the gateway drug for the majority of readers – especially when cost and convenience align.
Publishers who look beyond the trade sales ledger will find an audience that never left the page; it simply vanished from the spreadsheet.
This post first appeared in the TNPS LinkedIn newsfeed.
