They produce some at least, but even when they're just a shopfront they almost certainly pay another fraction of the sales to whoever did make it.
Big thing though is how few copies the median book actually sells. From what I can tell, the actual sales for a median book across all media are only the low thousands. Audible's mean (not median) gross revenue per book is ($200e6/y)/(200k titles) = $1k/title/year.
I tried looking up Audible's financial info, but the only financial report I saw was from 2007, which said their revenue and expenses for years ending 2006 and 2007 were about equal to each other, and at about half what people say are their current revenue levels: https://last10k.com/sec-filings/1077926
Big thing though is how few copies the median book actually sells. From what I can tell, the actual sales for a median book across all media are only the low thousands. Audible's mean (not median) gross revenue per book is ($200e6/y)/(200k titles) = $1k/title/year.
I tried looking up Audible's financial info, but the only financial report I saw was from 2007, which said their revenue and expenses for years ending 2006 and 2007 were about equal to each other, and at about half what people say are their current revenue levels: https://last10k.com/sec-filings/1077926