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Spotify: The giant’s plans for investing in audiobooks | News about the Economy

Spotify: The giant’s plans for investing in audiobooks | News about the Economy
Spotify: The giant’s plans for investing in audiobooks | News about the Economy

Ta audiobooks they have become one multi-billion dollar industry in recent years, with exclusive subscription services, from both large conglomerates and independents, driving most of that revenue.

However adding them to Spotify marks a landmark moment. In particular according to the BBC since October 4, its subscribers Spotify Premium in the UK and Australia have access to up to 15 hours of audiobook content per month at no additional cost.

The feature is set to launch in the US by the end of 2023. The best sellers and literary classics are now hosted in the same app with music and podcasts.

“Just like with music and podcasts, we believe that more and more consumers want to listen to books,” said Daniel Eck, founder and CEO of Spotify.

The audio on demand app, has 213 million subscribers worldwide something that represents a huge market for publishers to tap into.

In fact, the first signs are auspicious as in the report of its third quarter profits Spotify, Daniel Eck said subscribers in the UK and Australia had already heard moreo of 28% of its audiobook catalog in just two weeks.

The company hopes that the free 15 hours will attract consumers to audiobook world, opening up revenue streams and enticing subscribers to purchase additional listening hours, as opposed to the à la carte pricing model favored by rival platforms.

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The article is in Greek

Tags: Spotify giants plans investing audiobooks News Economy


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