Spotify Technology SA is locking horns with Amazon.com Inc's Audible, with the launch of its audiobook service in the United States.
Spotify users in the country will have access to over
300,000 audiobook titles, the Swedish firm said in a blog on Tuesday.
Users will be able to browse the catalog on the Spotify app
and purchase through the website, it added, similar to the purchase of Spotify
subscription.
The audiobooks market was estimated at $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 media consultancy Omdia.
Spotify has charted an aggressive expansion path as it looks
to supplement its earnings from music streaming with other revenue-generating
formats such as podcasts, on which it has spent more than $1 billion to add
popular names such as Joe Rogan to its roster.
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