Have you ever thought of a business idea and been curious how huge it could be? Ever watched an episode of Shark Tank or Dragons' Den and thought "How in the world did that product get so popular?" Well, here at Aurora we sure did!

That's why we set out to build our Market Size Calculator. Within as little as 5 minutes, you can get a custom market sizing report based on verifiable data and transparent calculations. Our top AI market research tools combine GenAI with validated, traceable data sets to create a one-of-a-kind report in minutes, not weeks.

For this example report, I decided to do focus on a product I've used and loved - Storyworth. They help preserve memories into a gorgeous book that you can keep forever. We personally used Storyworth for my Dad, so that we can remember his stories and experiences forever. It's an absolutely wonderful experience and I'm so happy we did it, which is why I wanted to see how big this business can get.

Please see the report Aurora generated below, and if you have any thoughts or questions you can email us here. 

 

Market Size Figures

Total Addressable Market (TAM):
Customers: 363.5M - 1.8B
Revenue: $36B - $50.2B

Serviceable Addressable Market (SAM):
Customers: 7.3M - 18.2M
Revenue: $719.7M - $2.5B

 

Executive Summary

Storyworth is a unique service that aims to preserve meaningful memories and life stories into beautiful keepsake books. Through a simple process of answering one question per week via email, users can create a personalized book that captures their life experiences, thoughts, and memories over the course of a year. The service is designed for people interested in preserving their personal histories and leaving a lasting legacy for their families.

According to the TAM / SAM analysis, the Total Addressable Market (TAM) for Storyworth is estimated to be between 363 million and 1.8 billion potential customers globally, based on factors such as adult population, literacy rates, internet penetration, e-commerce adoption, and disposable income. The TAM revenue potential ranges from $35.9 billion to $50.1 billion.

The Serviceable Addressable Market (SAM), assuming a market penetration of 2-5%, is estimated to be between 7.2 million and 18.1 million customers. The corresponding SAM revenue potential ranges from $719 million to $2.5 billion.

In terms of competition, Storyworth faces several players in the memory preservation and personal storytelling space. Notable competitors include Storii, which offers a subscription-based service for recording life stories through phone calls and AI-powered narratives, and No Story Lost, which provides professional interview-based services to create personalized memory books.

While the market for digital journaling, photobooks, and personalized gifts is growing, Storyworth's unique approach of combining personal storytelling with a high-quality printed book sets it apart from many competitors. However, the company will need to effectively market its value proposition and differentiate itself in an increasingly crowded market.

 

Key Data Points

• Global literacy rate for adults aged 15 and older in 2023: 87.36% [1]
• Global internet penetration rate as of October 2024: 67.5% [3]
• Global e-commerce users: Over 3.8 billion people (48.1% of global population) [13]
• Average American spending on gifts (2023): $900 [49]
• Personalized Gifts Market [34]:
  • Global market size (2023): USD 28.01 billion
  • Projected market size (2033): USD 54.15 billion
  • CAGR: 6.7%
• Digital Journal Apps Market [24]:
  • Global market size (2023): USD 5.3 Billion
  • Projected market size (2033): USD 15.2 Billion
  • CAGR (2023 to 2033): 11.1%
• Book Publishing Industry:
  • Global market size (2023): $122 billion USD [52]
• Storyworth pricing: $99 for one book, additional books for $39 each
• Total global population in 2023: 8.01 billion [7]
• Ages 19-64: Approximately 6.4 billion (80% of total population) [8]

 

Market Size Calculations

Total Addressable Market (TAM) Calculations:

• Total global population: 8,010,000,000 [7]
• Adults aged 19-64: 8,010,000,000 * 0.80 = 6,408,000,000 [8]
• Literate adults: 6,408,000,000 * 0.8736 = 5,597,828,800 [1]
• Internet users: 5,597,828,800 * 0.675 = 3,778,534,440 [3]
• E-commerce users: 3,778,534,440 * 0.481 = 1,817,475,065 [13]
• TAM Customer Calculations:
  • High-end: 1,817,475,065
  • Low-end: Potential customers with income and willingness to pay: 1,817,475,065 * 0.20 = 363,495,013
• TAM Revenue Calculation:
  • Low-end: 363,495,013 * $99 = $35,986,006,287
  • High-end: 363,495,013 * ($99 + $39) = $50,162,511,794

 

Serviceable Addressable Market (SAM) Calculations:

• Using the assumed market penetration of 2-5%:
  • Low-end: 363,495,013 * 0.02 = 7,269,900
  • High-end: 363,495,013 * 0.05 = 18,174,751
• SAM Revenue Calculation:
  • Low-end: 7,269,900 * $99 = $719,720,100
  • High-end: 18,174,751 * ($99 + $39) = $2,508,115,638

 

Assumptions

Proxy Data

• Digital Journal Apps Market: We can use this as a proxy for the memory preservation market, as it represents a similar concept of digital memory keeping. The global market size for Digital Journal Apps in 2023 is USD 5.3 Billion [24], which can serve as a baseline for estimating the potential market for Storyworth.
• Personalized Gifts Market: This can be a proxy for the potential interest in personalized memory books. With a global market size of USD 28.01 billion in 2023 [34], this indicates a significant interest in personalized products, which aligns with Storyworth's offering.
• Gifting: The average American spending on gifts ($900 in 2023) [49] can be used as a proxy for potential spending on memory preservation products in developed countries.

Assumptions

• Target Age Group: We'll assume that Storyworth's primary target audience is adults aged 19-64, as they are more likely to have the disposable income and interest in preserving memories. This group represents approximately 80% of the global population [8].
• Internet Access: Given that Storyworth is an online service, we'll assume that only those with internet access are potential customers. The global internet penetration rate is 67.5% [3].
• E-commerce Adoption: Since Storyworth requires online purchasing, we'll use the global e-commerce adoption rate of 48.1% [13] as a factor in our calculations.
• Income and Willingness to Pay: We'll assume that approximately 20% of e-commerce users have the disposable income and willingness to pay for a memory preservation service like Storyworth. This assumption is based on the fact that Storyworth's product is a discretionary purchase and priced at $99, which may not be affordable for all e-commerce users.
• Market Penetration: For the SAM calculation, we'll assume that Storyworth can realistically capture 2-5% of the potential market in the next few years, given competition and market growth trends.

These assumptions are based on the available data and logical reasoning about the target market for a memory preservation service like Storyworth. The 20% assumption for income and willingness to pay is conservative, considering the growing interest in personalized gifts and digital journaling. The 2-5% market penetration assumption for SAM is also conservative, allowing for competition and market growth potential.

 

Our Methodology / Thought Process

To calculate the Total Addressable Market (TAM) and Serviceable Addressable Market (SAM) for Storyworth, we followed a structured approach by gathering relevant data points, making reasonable assumptions, and applying logical calculations.

First, we identified the target audience for Storyworth's memory preservation service as literate adults aged 19-64 with internet access and a willingness to pay for such a product. This target group represents a significant portion of the global population and aligns with Storyworth's offering.

To estimate the TAM, we started with the total global population and narrowed it down based on age group, literacy rates, internet penetration, e-commerce adoption, and assumed income and willingness to pay. This step-by-step process allowed us to arrive at a realistic estimate of the potential customer base for Storyworth's product.

Key steps in the TAM calculation:

1. Determined the total number of adults aged 19-64 globally.
2. Applied the global literacy rate to find the number of literate adults in this age group.
3. Factored in the global internet penetration rate to identify the number of literate adults with internet access.
4. Considered the global e-commerce adoption rate to estimate the number of potential customers comfortable with online purchases.
5. Applied a conservative assumption of 20% to account for those with the disposable income and willingness to pay for Storyworth's service.

The resulting TAM estimate ranged from $35.9 billion to $50.1 billion in potential revenue, based on Storyworth's pricing model.

To calculate the SAM, we made an assumption about Storyworth's realistic market penetration in the next few years, considering competition and market growth trends. We assumed a conservative range of 2-5% market penetration, which resulted in a SAM estimate of $719.7 million to $2.5 billion in potential revenue.

Throughout the calculation process, we relied on reputable data sources and made reasonable assumptions based on logical reasoning and industry trends. We also took a conservative approach in our assumptions to avoid overestimating the market potential.

It's important to note that these calculations are estimates based on the available data and assumptions made. Actual market performance may vary due to various factors, such as changes in consumer behavior, competition, and economic conditions. However, this structured approach provides a solid foundation for understanding the potential market size and opportunities for Storyworth's memory preservation service.

 

Competitor Research Summary

Storii:

• Offers a Storii Gift Box that includes 12 months of access to the service for recording life stories [65][66]
• Features include 3 scheduled calls per week plus unlimited call-ins [65][66]
• Provides free, lifelong access to recorded stories, audiobook, and PDF transcript book [65][66]
• Uses AI to create polished narratives from recorded audio, including AI Biography Rewrites and AI Summaries [66][68]
• Works with any phone number, including landlines, requiring no internet or smartphone [66][68][69]
• Offers over 1,000 question prompts or users can create their own [66][68][69]
• Recorded stories are uploaded to a private online profile where family can add photos/videos [66][68][69]
• Aims to combat isolation, provide sense of purpose, and improve well-being [66][68]
• Offers monthly and annual subscription plans [70][71]

No Story Lost:

• Offers several packages for memory preservation books [72]:
  • The Chronicle: 2 hours of interviews, 5,000+ words, 24 photos, $1,099
  • The Anthology: 4 hours of interviews, 8,000+ words, 48 photos, $1,649
  • The Odyssey: 6 hours of interviews, 10,000+ words, 72 photos, $2,199
• Conducts professional one-on-one interviews to gather life stories [73][74]
• Transcribes and writes stories in the style/tone of the storyteller [73][74]
• Designs layout with client-approved photos [73][74]
• Prints archival-quality coffee table books as family keepsakes [73][74]
• Allows clients to approve content and design before printing [75]
• Has captured stories of over 100 families [79]
• Offers personalized attention from professional historians [76][77][78]
• Has worked with clients globally [78]

 

Summary of Collected Data

Financial Data

Digital Journal Apps Market [24]:

• Global market size (2023): USD 5.3 Billion
• Projected market size (2033): USD 15.2 Billion
• CAGR (2023 to 2033): 11.1%
• United States market size (2033): USD 1.8 Billion, CAGR: 22.6%
• United Kingdom market size (2033): USD 1.2 Billion, CAGR: 21.9%
• China market size (2033): USD 1.6 Billion, CAGR: 24.0%
• Japan market size (2033): USD 1.5 Billion, CAGR: 20.5%

Diaries and Planners Market [25]:

• Global market size (2023): USD 1.3 Billion
• CAGR (2023 to 2030): 4.6%

Photobook and Album Market [28]:

• Global market size (2024): $3.42 billion
• Projected market size (2032): $4.95 billion
• CAGR: 5.02%

Personalized Gifts Market [34]:

• Global market size (2023): USD 28.01 billion
• Projected market size (2033): USD 54.15 billion
• CAGR: 6.7%

Book Publishing Industry:

• Global market size (2023): $122 billion USD [52]
• U.S. market net revenue (2023): $28.1 billion USD [53]

Genealogy Products & Services Market:

• Global market size (2022): USD 3.50 billion [54] or USD 3.78 billion [55]
• Global market size (2023): USD 5.4 billion [56]
• Projected CAGR: 11.2% [54] or 11.36% [55]

Gift Spending:

• Average American spending on gifts (2023): $900 [49]
• Average planned spending on Christmas gifts (2023): $923 [48]

Personalized Gifts Market [61]:

• Global market size (2023): $41 billion
• Projected market size (2032): $142 billion
• CAGR: 11%

E-commerce Sales:

• United States (2023): Expected to exceed $940.9 billion [64]
• United Kingdom (2023): Expected to see more than $143.8 billion in online sales [64]
• Canada (2023): Worth $73.6 billion [63]

E-commerce Statistics:

• Global e-commerce users: Over 3.8 billion people (48.1% of global population) [13]
• U.S. e-commerce sales growth: Over 14% in 2021, reaching $870.78 billion [13]

E-commerce Adoption Rates:

• Saudi Arabia: E-commerce market size of about 8.7 billion U.S. dollars in 2023 [19]
• United Arab Emirates: E-commerce market size of about 7.5 billion U.S. dollars in 2023 [19]
• China: 90% of online consumers buying from social networks in 2023 [20]
• India: Three-quarters of respondents claiming to have used live e-commerce in 2023 [21]
• Brazil: Nine out of ten individuals having made at least one online purchase in the past year in 2023 [22]

Disposable Income:

• China (urban areas of Shanghai): Per capita disposable income of approximately 89,477 yuan in 2023 [15]
• China (rural areas of Shanghai): Average annual disposable income per capita of approximately 43,000 yuan in 2023 [16]
• United Kingdom: Average equivalized disposable household income of 34,462 pounds for bottom decile and 68,406 pounds for top decile in 2022/23 [17]

 

Behavioral Data

Global Literacy Rates:

• The global literacy rate for adults aged 15 and older was 87.01% in 2022 [2].
• The World Bank reported a slightly higher rate of 87.36% for the same demographic in 2023 [1] 

Internet Penetration:

• The worldwide internet penetration rate was 67.5% as of October 2024 [3].
• As of April 2023, Norway, Saudi Arabia, and the United Arab Emirates led with 99% internet penetration [3].

E-commerce Usage:

• Over 3.8 billion people worldwide use e-commerce platforms, accounting for approximately 48.1% of the global population [13].
• Asia leads in e-commerce, with a projected volume exceeding $1.8 trillion in 2023 [14].

Memory Preservation Habits:

• One in three Americans (33%) have recorded or documented conversations with loved ones to preserve memories [23].
• Nearly half of Americans (47%) regret not recording or documenting conversations with people they were close to who are no longer alive [23].

Journaling and Diary-Keeping [26]:

• 64% of people rely on journaling.
• 45% said journaling makes them feel more in control of their health.
• 68% of respondents said journaling helps them better understand health triggers and patterns.

Gift-Giving Habits:

• The average American spent about $656 on gifts each year, with a slight increase to $923 in 2023 [50][51].
• 65% of consumers purchased personalized gifts in 2023, with 80% believing they are more thoughtful than non-personalized gifts [50].

Smartphone Ownership:

• As of September 2024, 95% of 18-29 year olds in the U.S. own a smartphone [42].
• Millennials have the highest smartphone penetration rate in the U.S., over 40% [43].

Family Structure:

• The global average family size is approximately 3.45 people per household in 2023 [46].
• In the UK, there were 19.5 million families in 2023, an increase of 6% since 2013 [47].

Digital Preservation Interest:

• The Digital Preservation Coalition (DPC) reported an annual growth of 678 terabytes in preserved data, with over 970,000 new archival information packages accumulated [59].
• 42.9% of entertainment and media industry professionals copy and replace their digital long-term archives every 10 years or less in 2022/2023 [60].

Personalized Products Spending:

• The global personalized gifts market size was valued at $41 billion in 2023 [61].
• 65% of consumers purchased personalized gifts last year, and 80% believe these gifts are more thoughtful than non-personalized ones [62].

E-commerce Adoption in English-Speaking Countries [64]:

• In the United States, e-commerce sales are expected to exceed $940.9 billion in 2023.
• In the United Kingdom, e-commerce sales are expected to see more than $143.8 billion in online sales in 2023.

These behavioral data points provide insights into various aspects of consumer behavior, technology adoption, and cultural practices related to memory preservation and personal content creation across different demographics and regions.

 

Demographic Data

Global Population Demographics:

• Total global population in 2023: 8.01 billion [7]
  • Ages <15: 1.8 billion (22% of total population) [7]
  • Ages 19-64: Approximately 6.4 billion (80% of total population) [8]
  • Ages 65+: 720 million (9% of total population) [7]

World Population by Age Group:

• 0-14 years: The largest age group globally [5][6]
• 15-24 years: The second-largest age group globally [5][6]
• 25-64 years: Accounts for 64-65% of the population in most regions except Sub-Saharan Africa [4]
• 65 years and over: Smaller share in regions with high proportions of younger populations [4]

Global Internet User Statistics:

• Total Internet Users: Approximately 5.3 billion worldwide in 2023 [9][11]
• Regional Distribution:
  • Asia and Pacific: Over 2.93 billion internet users [12]
    • China had 1.13 billion internet users, the highest number in the world [10][11].
    • India had 1.24 billion internet users, the second-highest number globally [10].
  • Europe: Around 750 million internet users [12]
  • Americas: Approximately 87% of the population used the internet [9]
  • Africa: 37% of the population used the internet - around 400 million users [9]

E-commerce Adoption Rates:

• China: 90% of online consumers buying from social networks in 2023 [20]
• India: High adoption rate of live e-commerce, with three-quarters of respondents claiming to have used it [21]
• Brazil: Nine out of ten individuals made at least one online purchase in the past year [22]

Smartphone Ownership:

• 95% of 18-29 year olds in the U.S. own a smartphone [42]
• Millennials have the highest smartphone penetration rate in the U.S., over 40% [43]

Cultural Attitudes Towards Storytelling:

• Southern United States: Deeply ingrained in culture, influenced by Irish and African storytelling practices [44]
• Africa: Griots play a crucial role in storytelling, serving as vital parts of community and social life [45]
• Japan: Rakugo, a traditional form of Japanese storytelling, involves monologues performed by a single storyteller [45]

Family Structure Statistics [46]:

• Global Average Family Size: Approximately 3.45 people per household in 2023
• Countries with Largest Family Sizes: Senegal, Pakistan, Nigeria, and India
• Countries with Smallest Family Sizes: Germany, Norway, France, Switzerland, the United States, Serbia, Monaco, and Finland

E-commerce Adoption Rates in English-Speaking Countries:

• United States: 218.8 million American consumers anticipated to shop online in 2023 [64]
• United Kingdom: Expected to see more than $143.8 billion in online sales in 2023 [64]
• Canada: E-commerce sales worth $73.6 billion in 2023 [63]

 

Market Data

Digital Journal Apps Market [24]:

• Global market size (2023): USD 5.3 Billion
  • Projected market size (2033): USD 15.2 Billion
  • CAGR (2023 to 2033): 11.1%
• United States market size (2033): USD 1.8 Billion, CAGR: 22.6%
• United Kingdom market size (2033): USD 1.2 Billion, CAGR: 21.9%
• China market size (2033): USD 1.6 Billion, CAGR: 24.0%
• Japan market size (2033): USD 1.5 Billion, CAGR: 20.5%

Diaries and Planners Market [25]:

• Global market size (2023): USD 1.3 Billion
• CAGR (2023 to 2030): 4.6%

Photobook and Album Market [28]:

• Global market size (2024): $3.42 billion
• Projected market size (2032): $4.95 billion
• CAGR: 5.02%

Arts and Crafts Products:

• Retail sales in the U.S. exceeded $1 billion in 2023 [27]

Online Hobby and Craft Supplies:

• Online sales in the U.S. were approximately $13.6 billion in 2019 [29]

Personalized Gifts Market:

• Global market size (2023): USD 26.18 billion [36]
• U.S. market size (2023): USD 9.07 billion [37]
• Projected global market size (2033): USD 54.15 billion [34]
• CAGR: 6.7% [34]

Genealogy Products & Services Market:

• Global market size (2022): USD 3.50 billion [54]
  • Projected CAGR (2023-2032): 11.2% [54]
• Alternative estimate (2022): USD 3.78 billion [55]
  • Projected CAGR (2023-2030): 11.36% [55]
• Another estimate (2023): USD 5.4 billion [56]
  • Projected market size (2031): USD 12.9 billion [56]

Global Book Publishing Industry:

• Market size (2023): $122 billion USD [52]

U.S. Book Publishing Industry:

• Net revenue (2023): $28.1 billion USD [53]