Spotify logos on smartphones are arranged in Saint Thomas, US Virgin Islands, on Saturday, January 29, 2022.
Gabby Jones | Bloomberg | beautiful pictures
The streaming company’s foray into audiobooks marks its latest attempt at making the platform a one-stop-shop for all things audio. Spotify introduced podcasts in 2015 and is now home to more than 4.4 million of them, according to second quarter earnings report.
The company decided to introduce audiobooks because they represent a “significantly untapped market,” Nir Zicherman, Spotify’s VP and global head of audiobooks and test content, said in a statement. Tuesday’s release. Zicherman said the segment is growing about 20% year-over-year despite having only a 6% to 7% share of the current book market.
The move also puts Spotify in more direct competition with Amazon-owned Audible, the market leader in 2018 with 41% market share, according to the Codex Group, and Amazon also sells e-books under its own brand. Other competitors include Apple, Googleand Rakuten, yes co-operate with Walmart.
Spotify users interested in listening to audiobooks can find them in search, library, and curated recommendations on their homepage. Audiobooks will have a lock icon on the play button to indicate that they need to be purchased.
After purchasing the book, users will be able to bookmark their place in the audiobook, control their listening speed, and download content for offline listening.
Spotify plans to introduce the audiobook to new markets and add new features after its initial US launch.