In answer to your question about the importance of initiation, it is to be understood that initiation means that power is coming from the Supreme by the bona fide disciplic succession. This is required. Of course, for anyone to hear the message of Srimad-Bhagavatam will produce a favorable result but formally one should receive this knowledge from the disciplic succession. For example, Arjuna and Krishna were friends but still Arjuna submitted himself formally as Krishna's disciple. This is essential. We should take example from these great Personalities. Arjuna was hearing Krishna speaking Bhagavad-gita but still he submitted as Krishna's disciple. "Now I submit unto You, please teach me." So this is the process. I hope this will clear up your question sufficiently.
In answer to your question about the importance of initiation...
Correspondence
1968 Correspondence
It is to be understood that initiation means that power is coming from the Supreme by the bona fide disciplic succession. This is required. Of course, for anyone to hear the message of Srimad-Bhagavatam will produce a favorable result but formally one should receive this knowledge from the disciplic succession.
Letter to John Darsinos -- Los Angeles 23 November, 1968: