comscore Audiobooks are coming to Spotify, confirms founder Daniel Ek
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Spotify plans to launch audiobooks platform soon

After music and podcasts, Spotify plans to launch an audiobooks platform. The company sees a $70 billion potential in audiobooks.

Spotify

Music streaming giant, Spotify, is working on a new platforms focused on audiobooks. The move was confirmed by Spotify founder Daniel Ek at the company’s investor summit. “And just as we’ve done in podcasting, expect us to play to win,” Ek said at the summit. Also Read - How to organise playlists on Spotify: Tips and tricks

At the summit, Ek said that the book market, which includes printed books, e-books and audiobooks, audiobooks, stands at around $140 billion at the moment, of which audiobooks capture just 6-7 percent of the market share. He also said that the audiobook industry had the potential to reach up to $70 billion, which is why the company is planning to make big bets in this regard. Also Read - How to connect Spotify to Google Home

It is worth noting that Spotify made its first big move towards launching an audiobooks platform last year with the acquisition of Findaway, which is a digital audiobooks distribution platform, back in November last year. “Together, Spotify and Findaway will accelerate Spotify’s entry into the audiobook space and continue to innovate the industry, working to remove current limitations and unlock better economic tools for creators,” Spotify had said at the time hinting towards a likely foray in the audiobooks market. Also Read - Spotify is testing NFTs for select artists on the platform: How it works

“Findaway’s technology infrastructure will enable Spotify to quickly scale its audiobook catalog and innovate on the experience for consumers, simultaneously providing new avenues for publishers and authors to reach audiences around the globe,” the company had added.

Now, the company has formally announced its plans of venturing into the audiobooks market and making it the third pillar of its business. The other two being music and podcasts.

But Spotify’s plan has a major catch. While the two companies have finalised the details, the deal isn’t closed yet. It is still under review by the Department of Justice’s antitrust division. Until that happens, Spotify’s plans of launching an audiobook platform are still in the air.

As far as availability is concerned, the company’s upcoming audiobook streaming platform is expected to offer a mix of “ubiquity, personalization, and Freemium,” as Ek explained. This means that you can expect the company to offer a mix of free titles and subscription-based titles when the service is launched.

Now, Amazon’s Audible costs Rs 199 per month in India while in Google audiobooks, audiobooks cost around $17 (Rs 1,323 approximately) with some titles costing as much as $42 (Rs 3,269 approximately). Under the circumstances, it remains to be seen, how competitively Spotify prices its audiobook titles.

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  • Published Date: June 10, 2022 10:35 AM IST
  • Updated Date: June 10, 2022 12:37 PM IST



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