Spotify wants to take market share from Amazon’s Audible with its own audiobook service
Spotify Technology SA is locking horns with Amazon.com Inc’s Audible with the launch of its audiobook service in the United States.
The Swedish firm said in a blog on Tuesday that Spotify users in the country will have access to more than 300,000 audiobook titles.
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Users will be able to browse the catalog on the Spotify app and make purchases through the website, similar to the purchase of a Spotify subscription.
According to media consultancy Omedia, the audiobook market was estimated to be $4.8 billion in 2021 and expected to grow to $9.3 billion by 2026 at a nearly 14% compound annual growth rate.
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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 like podcasts, on which it has spent more than $1 billion to add popular names. such as who is sick to its roster.
Credit: www.foxbusiness.com /