Listening to great books is a smart way to find ideas for growing your business. How do you listen to your audiobooks? Spotify wants to become your book destination.
At the company’s Investor Day 2022, CEO Daniel Ek revealed that the company would be branching out into audiobooks following its successful music and podcast offerings.
Several months ago, Spotify announced its agreement to acquire audiobook distribution platform Findaway, which was a surefire indicator that it was thinking big in this area. Whie that deal has yet to close, Ek has confirmed that he sees audiobooks as “a massive opportunity”.
The overall book market today is worth $140 billion, yet audiobooks only represent 6 to 7% of that. In the most developed audiobook markets that figure is closer to 50%, so Spotify as seeing this as a potential $70 billion market that it’s going to compete with Amazon and its Audible platform for.
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