With the digitalization and smart devices, the demand for audiobooks is increasing. According to the report of Audio Publishers Association the revenue of audiobook revenue increased by 10% in 2022. And, looking at the opportunity, in October 2023, Spotify announced the launch of its audiobook services. It first launched in the U.K. followed by Australia, then in the U.S. and many other countries.
The founder and CEO of Spotify said, “Just like in music and podcasting, audiobooks today have one big dominating player.” Ek further said, “We believe that many more consumers want to consume audiobooks and want to listen to audiobooks.”
Months after launching the audiobook, Spotify noticed that users had accessed about 90,000 titles. Among all audiobooks, Britney Spears’s memoir “The Woman in Me” was at the top of the list of most-listened books on Spotify. Looking at such growth, David Kaefer, the head of Spotify’s audiobooks business, said, “The company believes there is lots of potential for even more growth”.
Before Spotify, the growth of the audiobook market in the United States was 14 per cent in the fourth quarter of 2023. But, with Spotify, the audiobook sector grew by 28 per cent at the same time. Spotify representative said,” In the past few months, Spotify has paid audiobook publishers tens of millions of dollars in royalties.
About the audiobook service of Spotify
Spotify offers 15 hours of access to audiobooks to its premium subscribers per month. Subscribers are allowed to use the hours in any way they want. For example, you can either sample across different titles or listen to entire audiobooks as per your interest.
Furthermore, there is an offer to block 10 hours to listen to the audiobook beyond 15 hours. For this, you have to pay $10.99 to “top off” with extra hours. Also, Spotify told The Bookseller that it has “tens of millions” paid audiobook audience since launching the services last year.
When Spotify announced the addition of audiobooks to its streaming service, there was a mixed reaction from publishers. Many saw it as an opportunity to reach a wider audience, while some were worried about the value of audiobooks and their growth format. But, Spofity proved that launching audiobooks to their services is one of their best decisions. They also offer audiobook subscriptions with added benefits.
Navkiran Dhaliwal is a seasoned content writer with 10+ years of experience. When she's not writing, she can be found cooking up a storm or spending time with her dog, Rain.
