Who will win the audiobook wars?
Spotify’s betting big on audiobooks, and taking on Amazon in the process.
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Today, audiobooks make up just ~$9B of the $140B global book industry.
By 2030, that segment is forecasted to reach $35B+, and with so much growth expected, it’s no surprise the market is heating up. With music and podcasts under its belt, and almost a year after acquiring audiobook distribution platform Findaway, Spotify recently launched its own audiobooks section, serving up 300k+ titles.
That puts it in Amazon’s sights…
… with Audible commanding the largest share of the US market. Still, it’s clear Spotify is uniquely positioned to take them on.
- The Spotify Machine, as CEO Daniel Ek calls it, represents the company’s proven practice of bundling verticals “into a single consumer experience… that benefits users, creators, ad partners, developers and Spotify itself.”
Spotify has spent years oiling its music and podcasts. It dominates the music streaming market and claims to have surpassed Apple in podcast listeners.
https://thehustle.co/10102022-Audiob...utm_term=4ABCD