Spotify is planning to launch an Audiobooks platform in the near future

-

Spotify is planning to create an audiobook platform in addition to music and podcasts.Audiobooks have a $70 billion market potential, according to the business.

Spotify, the world’s largest music streaming service, is developing a new audiobook platform.Spotify founder Daniel Ek revealed the move during the company’s investor event.”And, just like we’ve done in podcasting”, Ek said at the summit, “expect us to play to win”.

Ek stated at the summit that the book market, which comprises printed books, e-books, and audiobooks, is currently valued at roughly $140 billion, with audiobooks accounting for only 6-7 percent of the market.He also stated that the audiobook market might be worth up to $70 billion, which is why the company is aiming to make significant investments in this area.

It’s worth remembering that Spotify made its first major step toward developing an audiobooks platform last year when it purchased Findaway, a digital audiobooks distribution business, in November.”Together, Spotify and Findaway will accelerate Spotify’s entry into the audiobook space and continue to innovate the industry, working to remove current limitations and unlock better economic tools for creators”, Spotify said at the time, implying an audiobook foray.

“Findaway’s technical backbone will enable Spotify to rapidly scale its audiobook repertoire and innovate on the consumer experience while also creating new channels for publishers and authors to reach audiences across the world”, the business said.

Now, the corporation has formally stated its intention to enter the audiobook industry and make it the company’s third pillar.Music and podcasts are the other two options.

However, Spotify’s strategy has a big flaw.The agreement hasn’t been closed yet, despite the fact that the two corporations have finalised the specifics.The antitrust section of the Department of Justice is still looking at it.Spotify’s intentions to develop an audiobook platform are on hold until that happens.

According to Ek, the company’s planned audiobook streaming platform will offer a mix of “ubiquity, personalisation, and Freemium” in terms of availability.This means that when the service launches, you can expect a mix of free and subscription-based titles from the firm.

In India, Amazon’s Audible now costs Rs 199 a month, while Google audiobooks costs around $17 (Rs 1,323), with some volumes costing as much as $42. (Rs 3,269 approximately).In these circumstances, how competitively Spotify prices its audiobook titles remains to be seen.

Found this article interesting? Follow BG on Facebook, Twitter and Instagram to read more exclusive content we post.

0 0 votes
Article Rating
Subscribe
Notify of
guest

0 Comments
Inline Feedbacks
View all comments

Latest news

LG Ultra PC 14-Inch, 16-Inch Laptops With AMD Ryzen 5000 Series Processors Launched

The laptops of the LG Ultra PC series include anti-glare IPS panels with minimal bezels. Last week, LG introduced 14-inch...

Samsung Galaxy A23 5G With 6.6-Inch Infinity-V Display, 5,000mAh Battery Launched

Table of ContentsSamsung Galaxy A23 5G price, availability (expected)Samsung Galaxy A23 5G specifications Samsung has not yet revealed the Galaxy...

LG Ultra Tab With 10.35-Inch Display, Snapdragon 680 SoC Launched

Table of ContentsLG Ultra Tab priceLG Ultra Tab specifications The 7,040mAh battery in the LG Ultra Tab supports 25W rapid...

OnePlus 10T Glacier Mat Case With Sustainable Circulation Cooling, Bumper Case Sandstone Launched In India

Table of ContentsOnePlus 10T Glacier Mat Case, Bumper Case Sandstone, Tempered Glass price in India A tempered glass for the...

Latest Updates

Must read

Starlink’s new Portability feature brings internet to vanlifers

Boondocking in the space age With the addition of a...

You might also likeRELATED
Recommended to you

0
Would love your thoughts, please comment.x
()
x