Spotify Adds Audiobooks, Calls U.S. Launch “The Next Frontier For Us As A Company”

deadline.com:

Spotify has made more than 300,000 audiobook titles available for purchase in the U.S. via a new user interface, calling the entry into the category “the next frontier for us as a company.”In a blog post, Spotify said it sees “a substantial untapped market” in audiobooks, which have only about 6% to 7% of the overall book market but are growing by 20% a year.

The company has estimated that audiobooks will grow from $3.3 billion in 2021 to $15 billion by 2027.Users will be able to purchase and download individual books from a range of major and independent publishers.

The launch establishes an à la carte business model for Spotify that is neither the existing free, ad-supported one nor paid subscriptions.

When they find books they want to buy, users will be directed to a separate website and then the book will be stored in the Spotify app after the purchase is completed.