Spotify is locking horns with Amazon’s Audible, with the launch of its audiobook service in the United States.
The Swedish firm said in a blog on Tuesday that Spotify users in the country will have access to more than 300,000 audiobook titles.
Users will be able to browse the catalog on the Spotify app and make purchases through the website, similar to the purchase of a Spotify subscription.
According to media consultancy Omdia, the audiobook market was estimated at $4.8 billion in 2021 (about Rs 38,300 crore) and expected to grow to $9.3 billion by 2026 at a compound annual growth rate of about 14 per cent.
Spotify has charted an aggressive expansion path as it looks to supplement its earnings from music streaming with other revenue-generating formats such as podcasts, on which it has raised $1 billion (about Rs 8,000 crore) to add popular names. ) as the thickener in its roster.
Last month, Spotify began testing a service that would allow it to sell concert tickets directly to fans. According to a report, tickets for the concert will be sold through the Spotify app and a new website. Spotify’s website had reportedly revealed that it would sell tickets on behalf of third parties, which could include venues and event promoters.
At the time, Spotify’s website for selling concert tickets was limited to a selection of US-based concerts. These included concerts for artists such as Limbec, Tokimonsta and Ani DiRusso. As per the report, buyers will need to create a Spotify account in order to purchase tickets. The music streaming service had also partnered with Ticketmaster, Eventbrite and C Tickets to sell tickets through its latest live event feed. report good by TechCrunch.
© Thomson Reuters 2022