On Tuesday, Spotify revealed that it would start selling 300,000 audiobook titles individually to US users of the service.
The Swedish firm has decided to diverge from the monthly subscription model it employs for music and podcasts by making audiobooks available as pay-per-download items.
According to a statement from the firm, users will purchase audiobooks through a different website, and the purchase will then be made available in their Spotify libraries.
The streaming service said earlier this summer that the lucrative audiobook sector was its next target for expansion. They bought the distributor of audiobooks Findaway last year.
Nir Zicherman, Spotify’s Vice President and Global Head of Audiobooks and Gated Content, said the new offering ‘is just the first iteration of audiobooks on Spotify.’
He claimed that it serves as a springboard for expanding accessibility to further markets, establishing connections with publishing houses, and increasing the range of available titles.
None of the present audiobooks were directly created by Spotify; they were all already available.
By providing a number of free titles, Spotify had previously made some progress in the audiobook market.
The first volume of ‘Harry Potter’ was made available as a free audiobook in 2020, read by celebrities including Daniel Radcliffe, who portrayed the movie’s bespectacled young wizard.
Due to its growth, Spotify will now face competition from other industry titans, such as Amazon’s Audible, which now holds the market’s top spot.
According to Grand View Research, the global market for audiobooks might increase sevenfold to $35 billion in value by 2030.
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