Spotify launching audiobook service, looking to take on Amazon's Audible
Spotify looks to take market share from Amazon's Audible with its own audiobook service
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Spotify Technology SA is locking horns with Amazon.com Inc's Audible, with the launch of its audiobook service in the United States.
Spotify users in the country will have access to over 300,000 audiobook titles, the Swedish firm said in a blog on Tuesday.
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Users will be able to browse the catalog on the Spotify app and purchase through the website, it added, similar to the purchase of Spotify subscription.
Spotify launches its own audiobook service, looking to take a piece of the $4.8 billion market. Pictured: Spotify logo illustration picture taken on April 1, 2018. (REUTERS/Dado Ruvic/Illustration/File Photo / Reuters Photos)
The audiobooks market was estimated at $4.8 billion in 2021 and was expected to grow at about 14% compound annual growth rate to $9.3 billion by 2026, according to media consultancy Omdia.
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Spotify has charted an aggressive expansion path as it looks to supplement its earnings from music streaming with other revenue-generating formats such as podcasts, on which it has spent more than $1 billion to add popular names such as Joe Rogan to its roster.
