During an event at its New York offices, Spotify unveiled its latest innovation in the world of audiobooks. The company has introduced a revamped business model, allowing Spotify Premium subscribers to access a curated selection of 150,000 audiobook titles.
The service will be available immediately in the U.K. and Australia, with a U.S. launch planned later this year and expansion into other markets to follow.
Spotify’s founder and CEO, Daniel Ek, expressed the company’s ambition to tap into the audiobook market, which is currently dominated by a single player.
Ek emphasized Spotify’s commitment to utilizing its existing tools and expertise to facilitate the discovery of a vast library of audiobooks.
In September 2022, Spotify ventured into the audiobook realm through its acquisition of digital audiobook distributor Findaway. The initial catalog included 300,000 titles, with plans for expansion into English-speaking markets and Canada.
Spotify’s goal is to address distribution and discovery challenges within the audiobooks market, similar to its success in the music and podcasting spheres.