Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

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
AMZN
-
SPOT
-

(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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.