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Spotify to launch its services...Spotify to launch its services in the United States, poses a competition to Audible
The Silicon Review
21 September, 2022
Author:
The Silicon Review Team
Spotify confirmed that the users will have access to over 300,000 audiobook titles
The popular music and podcast platform Spotify Technology is ready to take on Amazon.com Inc's Audible by launching its audiobook service in the United States. The Swedish firm confirmed that the users of the platform will have access to over 300,000 audiobook titles. Users can now browse through the catalog via the Spotify App and also make purchases through their website, similar to the purchases made through the Spotify subscription service.
Spotify's market was valued at around $4.8 billion in 2021 and was expected to grow at about 14% compound annual growth rate to $9.3 billion by 2026 according to the reports of the media consultancy Omdia. The platform has seen an impressive growth trajectory and is looking to expand its earnings from music streaming with other revenue-generating formats such as podcasts. Spotify first introduced podcasts in 2015 and is now home to more than 4.4 million of them, according to its second-quarter earnings report.
