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Spotify is a major streaming brand, but it’s looking to expand in more markets. The company announced during Investor Day 2022 that it wants to take on Audible. Spotify is looking to conquer the audiobook market.
This shouldn’t come as a surprise, as Spotify is a company that thrives on audio services. It’s one of the biggest music streaming services and it recently made a splash in the podcast market. Millions of people tune their ears to Spotify every day, so it makes sense that the company would offer audiobooks.
Spotify wants to take on Audible in the audiobook market
There are several audiobook services out in the wild right now, but you have to admit that Audible is the biggest one there. The service offers you a deep reservoir of books you can listen to for $7.95/month. Double that price, and you’ll have the Audible Premium Plus plan that gives you a free book every month.
Now, Spotify is looking to spread its influence into the audiobook market even more. The audiobook market is growing at a rapid pace. According to Daniel Ek, Spotify’s CEO, the book market is about a $140 billion market with audiobooks taking about 6% to 7% of that pie. That might seem like a small amount, but the market is growing at a rapid rate.
Spotify has already offered audiobooks, but it’s always felt like an afterthought by the service. That makes sense, as it’s primarily a music streaming platform. So, the company is planning on increasing its hold on the market and potentially going toe-to-toe with Audible.
Right now, it’s hard to tell just how the company plans on doing that at this point. It’s still early in this push, so it could be a while before we start to see anything solid with this push. When the company does hunker down, fans of the popular app will have something else to look forward to.