Spotify is planning to enter the audiobooks industry, according to insider information on the company’s future goals. The when has not been determined…
The Verge reports that Spotify execs pitched an audiobooks plan to investors on June 8, 2022. Daniel Ek, CEO of Spotify did not mince words when he boasted, “We believe that audiobooks, in their many different forms, will be a massive opportunity. And just as we’ve done in podcasting, expect us to play to win.”
It appears that the company already had plans in motion before Wednesday’s pitch. Spotify announced an interest in buying an audiobook platform called Findaway in 2021 and if the deal goes through, the song streaming company will already have a working virtual infrastructure to create, market, and sell audiobooks.
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There is not much detail on how Spotify’s model will work but at its helm is Nir Zicherman, co-founder of Anchor, another audiobook platform.
Clearly, the music streaming firm does not plan to start its new venture from scratch. And Zicherman hinted that Spotify has eyes on monetising ads on audiobooks and offering freemium plans instead of focusing on direct sales.
The last part of the alleged plan makes sense because the audiobooks sales industry already has big competitors like Amazon’s Audible and Audiobooks.com. Additionally, there are audiobooks on sale on Apple and Google online stores as well.
With projections that the audiobooks industry could be worth as much as $9 billion already, it is a huge market to look into.
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