Spotify has announced the release of audiobooks for American users.
More than 300,000 distinct audiobook titles will now be available for purchase and listening by Spotify customers in the United States, the firm announced on Tuesday.
The streaming service’s entry into the audiobook market represents its most recent effort to position the website as a one-stop shop for all things audio. According to its second-quarter financial report, Spotify added podcasts in 2015 and is currently home to more than 4.4 million of them.
According to Nir Zicherman, Spotify’s vice president and worldwide head of audiobooks and gated content, the business decided to launch audiobooks because they offer a “considerable unexplored market.” Zicherman claimed that while the area only accounts for a 6% to 7% part of the present book market, it is rising by roughly 20% annually.
Additionally, the decision puts Audible, which is owned by Amazon and which, according to Codex Group, had a 41% market share in 2018, in more direct rivalry with Spotify. Amazon also sells e-books under its own brand. Apple, Google, and Rakuten, which collaborate with Walmart, are other rivals.
Audiobooks can be found by Spotify users who are interested in listening to them in their search results, library, and curated recommendations on their homepage. The play button for the audiobooks will have a lock icon over them to signify that they must be purchased.
After buying a book, consumers can choose their listening pace, save the information for offline listening, and bookmark their spot in the audiobook.
After the first U.S. launch, Spotify intends to expand into more territories and add new features.