Shulou(Shulou.com)11/24 Report--

Spotify said Tuesday it has launched an audiobook service in the United States to compete with Amazon's Audible.

Spotify said users can browse the catalog on the Spotify App and buy it through the site, similar to buying a Spotify subscription, and said more than 300,000 audiobooks have been sold online.

Spotify is looking to broaden its revenue channels, hoping to supplement its music streaming business with other forms of revenue generation such as podcasts. The audiobook market is also a huge pie, with media consulting firm Omdia estimating that the audiobook market is expected to reach $4.8 billion in 2021 and $9.3 billion by 2026 at a compound annual growth rate of 14%.

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