With the launch of its audiobook service in the United States, Spotify Technology will compete directly with Amazon’s Audible.
- Spotify Technology has launched a new audiobook service in the United States.
- The Spotify app will allow users to browse the catalog.
- In 2021, it was estimated that the audiobook market would be worth $4.8 billion.
In a blog post on Tuesday, the Swedish firm announced that Spotify users in the country would have access to over 300,000 audiobooks.
According to Spotify, users can browse the catalog on the Spotify app and purchase through the website, similar to how they buy Spotify subscriptions.
According to Omdia, the audiobook market was estimated to be worth $4.8 billion in 2021 and is expected to grow at a compound annual growth rate of 14% to $9.3 billion by 2026.
As part of its expansion strategy, Spotify has invested more than $1 billion in podcasts, on which it has added popular names such as Joe Rogan.
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