Audible, you need to get ready for some serious competition as Spotify is eager to conquer the audiobook market as well. Yes, as the streaming service firmly stated on its Investor Day 2022from now on, one of its main goals will be to increase its share of the audiobook market.
Spotify CEO Daniel Ek stated that the global book market size is about $140 billion, and audiobooks only have a market share of about 6%-7%. But in the markets where audiobooks are more popular, they represent about 50% of the market. Also, the audiobooks category is growing by 20% every year. This is why, according to Ek, the audiobook industry represents a “$70 billion dollar annual opportunity” for Spotify to expand and “ultimately compete”.
Nir Zicherman, Spotify’s head of Audiobooks and Gated Content Vertical, stated that an expansion in the audiobook market “presents a truly unique opportunity” to “dramatically expand” that industry and to “know music and podcast listeners around the world.” made with audiobooks”.
Zicherman added that Spotify will soon become a place where you can buy and listen to your favorite audiobooks directly on the platform. This offering, as he said, will reach Spotify’s global audience of more than 422 million users.
You can currently listen to audiobooks on Spotify, but until recently, they didn’t seem like such a huge priority for the streaming service. However, in 2021 Spotify bought the audiobook platform Findaway, implying it may be considering expanding into that segment as well. The streaming service believes that it can not only grow the audiobook industry, but also significantly innovate and even transform it. Whether Spotify will be able to do what it says, time will tell, but it certainly sounds promising.