Spotify Acquires Audible from Amazon, Launches Audiobook Service for US users
Spotify turns heads with Amazon.com’s Audible as US audiobook service launches
Spotify Technology SA is turning heads with Amazon.com Inc’s Audible, launching its audiobook service in the United States.
The Swedish company said in a blog post on Tuesday that Spotify users in the country will have access to more than 300,000 audiobooks.
It added that users will be able to browse the catalog in the Spotify app and shop through the website, similar to buying a Spotify subscription.
The audiobook market was estimated at $4.8 billion in 2021 and was expected to grow about 14% at a compound annual growth rate (CAGR) to $9.3 billion by 2026, according to media consultancy Omdia.
Spotify has charted a strong expansion path as it looks to supplement its music streaming earnings with other revenue-generating formats, such as podcasts, where it has spent more than $1 billion to add famous names like Joe Rogan to its lineup. ready.
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