Spotify is preparing a free audiobook trial for its paying subscribers. In accordance with Wall Street MagazineThe music streaming service is set to offer a selection of titles from major US publishers as part of pilot program that will offer up to 20 hours of listening at no additional cost.
The goal is to gauge public interest, so the program will run for a limited time, people familiar with the project told the American newspaper. It is expected to be released in the coming months. If successful, Spotify will find a new way to diversify its offering and revenue streams. Last July, the company announced it would increase prices on premium individual plans for the first time in major markets around the world.
Spotify began offering audiobooks last year after acquiring audiobook platform Findaway in late 2021. The difference between the new project is that until now it used pay-per-download model. It already offers a catalog of more than 300,000 titles from independent authors and major publishers, including books by renowned horror author Stephen King.
He WSJ explains, however, that Apple’s App Store policies hinder business growth. Spotify notes that users make purchases through a web browser rather than in the app. Although this may be a more labor-intensive procedure, it allows them to avoid Apple charges up to 30% commission per download.
Download audiobooks directly from the Spotify app.
Spotify’s pilot program will allow users to download audiobooks directly from the app. In addition to acquiring Findaway, the company reached an agreement with Storytel in 2021 that will make the platform’s audiobook library available on Spotify for subscribers who link their accounts.
This proposal is a direct challenge to the industry leader Audible. In 2022 Amazon-owned Audible held a 63.4% stake. audiobook market with sales of approximately $1.8 billion.
There aren’t many details yet. The program is expected to launch in English-speaking countries on a limited basis. It’s unclear how Spotify intends to compensate publishers. According to the WSJ, it is possible that the authors receive payment based on the time users spend listening to their works.
Source: Hiper Textual
I’m Ben Stock, a highly experienced and passionate journalist with a career in the news industry spanning more than 10 years. I specialize in writing content for websites, including researching and interviewing sources to produce engaging articles. My current role is as an author at Gadget Onus, where I mainly cover the mobile section.
