The Spotify brand on a smartphone organized in Saint Thomas, U.S. Virgin Islands, on Saturday, Jan. 29, 2022.
Gabby Jones | Bloomberg | Getty Pictures
The streaming firm’s foray into audiobooks marks its newest try and make the platform a one-stop-shop for all issues audio. Spotify launched podcasts in 2015 and is now dwelling to greater than 4.4 million of them, in accordance with its second-quarter earnings report.
The corporate determined to introduce audiobooks as a result of they characterize a “substantial untapped market,” Nir Zicherman, Spotify’s vp and world head of audiobooks and gated content material, mentioned in Tuesday’s launch. Zicherman mentioned the section is rising by about 20% 12 months over 12 months regardless of making up only a 6% to 7% share of the present ebook market.
The transfer additionally vaults Spotify into extra direct competitors with Amazon-owned Audible, which was the market chief in 2018 with 41% market share, in accordance with Codex Group, and Amazon additionally sells e-books below its personal model. Different rivals embody Apple, Google, and Rakuten, which has partnered with Walmart.
Spotify customers considering listening to audiobooks can discover them of their search, library and their curated suggestions on their homepage. The audiobooks will characteristic a lock icon over the play button to point that they should be bought.
As soon as a ebook is bought, customers will have the ability to bookmark their place within the audiobook, management their listening velocity and obtain the content material for offline listening.
Spotify plans to introduce audiobooks to new markets and add new options after the preliminary U.S. launch.