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Spotify Audiobooks

After trying its luck with podcasts, Swedish music streaming service Spotify is now banking on audiobooks. Spotify is not going to sit idly by and is already planning the next step to improve its platform. Having tried its luck with podcasts, the streaming music service is now trying its luck with audiobooks.

Spotify will feature nine audiobooks narrated by the likes of actors Forest Whitaker and Hilary Swank. The selection is in the public domain and includes books such as Frankenstein (Mary Shelley), Persuasion (Jane Austen) and Great Expectations (Charles Dickens).

While the books are in the public domain, the narration will be exclusive to Spotify. This is the second time the company has made a strong commitment to the format since the Harry Potter special in mid-2022. As a gift to pass the time in detention, the platform launched “Harry Potter and the Philosopher’s Stone” in audiobook format, narrated by the film’s protagonists.

In addition to the nine audiobooks, Spotify will be launching a special series called Sitting with the Classics that will go into more detail about all the titles. As with Harry Potter, the works will be released in English.

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Audiobooks are part of Spotify’s new strategy to reach more users. This format has become popular in countries such as the US or Germany, where thousands of people prefer to listen to a book while doing other things. It was this trend in the European country that prompted Daniel Ek, the founder and director of Spotify, to get into this type of content.

Spotify is about to jump on the business train, which has been part of its repertoire so far, but not one of its core businesses.

No doubt for Spotify, which has invested in the podcast business for many years, this would be an opening for the company’s natural sector. Since 2020, the company has invested in a large number of titles and listings. In fact, everything points to it surpassing Apple Music this year.

Because Spotify has audiobook lists, big titles, classics and lists. However, the company still needed to stand out and develop a strategy similar to what it did with the podcast.

These were steps in a business that is already showing the way for Spotify. In the United States of America alone, consumption of this type of audio product has risen sharply by 34%. In the rest of the planet, business grew by about 30%. It is estimated that it could reach $9,300 billion in 2026, up from $6 billion in 2022. And publishers know it. Many publications send orders to the Swedish music streaming company.

And other platforms know it. For example, Apple Music already has some experience and combines hundreds of titles in its catalog. Amazon, through Audible, has embarked on a massive millionaire investment journey, recruiting great local voices and successful international publications.

Either way, Spotify is becoming one of the largest commercial bookstores on the web. What used to be a trial is now becoming a very real way to make money for Spotify. It’s unclear with subscription plans in parallel to its core business or independently for audiobook downloads. The question of monetization of the service was by no means voiced. Some of these, according to company directors, will grow throughout 2022 with new associations of distributors looking to upload their content to the platform.

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