Spotify launches audiobook service to compete Amazon’s Audible

• Spotify has launched its audiobook service in the US.
• Over 300,000 audiobook titles will be available to Spotify subscribers in the country.
• Similar to the purchase of a Spotify membership, users will be able to browse the repertoire on the Spotify app.

With the introduction of its audiobook service in the US, Spotify Technology is battling Amazon’s Audible.

Over 300,000 audiobook titles will be available to Spotify subscribers in the country, the Swedish company announced in a blog post on Tuesday.

Similar to the purchase of a Spotify membership, users will be able to browse the repertoire on the Spotify app and make purchases on the website.

According to a media consultant, the market for audiobooks was forecast to be worth $4.8 billion in 2021 and was projected to increase by roughly 14% CAGR to $9.3 billion by 2026.

In order to augment its revenue from music streaming with other revenue-generating formats like podcasts, on which it has spent more than $1 billion to bolster its roster with well-known figures like Joe Rogan, Spotify has mapped out an aggressive expansion strategy.

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