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Spotify takes on Amazon's Audible, launches audiobook service for U.S. users

Published 09/20/2022, 12:10 PM
Updated 09/20/2022, 12:56 PM
© Reuters. FILE PHOTO: The Spotify logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid
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(Reuters) - Spotify Technology SA (NYSE:SPOT) is locking horns with Amazon.com Inc (NASDAQ:AMZN)'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.

© Reuters. FILE PHOTO: A headset is seen in front of a screen projection of Spotify logo, in this picture illustration taken April 1, 2018. REUTERS/Dado Ruvic/Illustration/File Photo

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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