September 24, 2022

– Advertisement –

Spotify users in the US will now be able to buy and listen to over 300,000 different audiobook titles, company announced Tuesday

– Advertisement –

The streaming company’s foray into audiobooks reflects its latest effort to make the platform a one-stop-shop for all things audiobooks. Spotify introduced podcasts in 2015 and is now home to over 4.4 million of them, according to second quarter earnings report,

The company decided to offer audiobooks because they represent a “substantial untapped market,” Nir Zicherman, Spotify’s vice president and global head of audiobooks and gated content, said in a Tuesday release. Zichermann said the segment is growing about 20% year over year, despite making up just 6% to 7% of the current book market.

– Advertisement –

The move puts Spotify in more direct competition with Amazon-owned Audible, which was the market leader in 2018. 41% market share, according to Codex Group, and Amazon also sells eBooks under its own brand. Other competitors include Apple, Google and Rakuten, which have partnership with Walmart.

Spotify users interested in listening to audiobooks can find them in their Search, Library, and their curated recommendations on their homepage. Audiobooks will have a lock icon above the play button, indicating that they need to be purchased.

Once a book is purchased, 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 audiobooks in new markets and add new features after the initial US launch.

See also  DOJ is changing the way it prosecutes companies, and it could put more executives in jail