Spotify has expanded its audiobook offering to US Premium users, giving them access to 15 hours of audiobook listening time per month across a catalog of 200,000 titles. The company initially launched audiobooks in September 2022 in the UK and Australia, and has been gradually expanding the service to other markets since then.
The expansion to the US is a significant move for Spotify, as the US is a major market for audiobooks. According to the Audio Publishers Association, audiobooks generated over $1.5 billion in revenue in the US in 2022.
Spotify’s audiobook offering is included as part of its Premium subscription, which costs $10.99 per month. Subscribers can access audiobooks through the Spotify app, and can also download them for offline listening.
The company says that its audiobook catalog includes over 70% of bestselling titles, and that it is committed to expanding its offering to include even more titles in the future.
Spotify’s expansion into audiobooks is part of a broader effort to diversify its revenue streams. The company is also facing increasing competition from Apple Music, which has been adding new features and content to its streaming service.
By expanding into audiobooks, Spotify is hoping to make its Premium subscription more attractive to potential customers. The company is also hoping to attract audiobook listeners who may not be familiar with Spotify’s music or podcast offerings.
It remains to be seen how successful Spotify’s audiobook offering will be in the US. However, the company has a strong track record of innovation, and it is likely to continue to invest in audiobooks in the years to come.