![]() Cobb cites the smartphone as precipitating audiobooks as a lucrative business – an industry consulting firm Acumen estimates to be worth $33.5bn (£27.5bn) globally by 2030. While audiobooks have existed for decades, they were traditionally in cassette or CD form. "They captivate readers who may never have picked up an author in print, expanding the opportunities to reach that audience beyond the usual publishing cycles." ![]() "The audiobook has rapidly become an essential part of the whole publishing ecosystem," explains Sarah Rigby, publishing director of independent book publisher Elliott & Thompson, based in London. Major publishers now have dedicated audio divisions, with the biggest titles often narrated by Hollywood talent. 'An essential part of the whole publishing ecosystem'Īudiobooks are the fastest growing arm of publishing – total worldwide listening hours on Amazon's audiobook platform Audible alone increased by 25% year-over-year in 2022, according to data seen by the BBC. Everyone is trying to keep eyeballs and ears on one place, so having audiobooks on Spotify becomes a natural fit." "All streaming platforms want to keep you on the platform and have as much original content as possible. Spotify also stands to win big from offering audiobooks in its regular subscription package, adds Cobb. So, introducing them to the format, alongside other audio entertainment options, is a great thing." There are hundreds of millions of Spotify subscribers – a good proportion have probably never listened to an audiobook before. "It's what we've been striving for, for a long time. Michele Cobb, executive director of the Audio Publishers Association, based in New York, says audiobooks' integration on Spotify is a coup for the industry. According to US trade organisation Audio Publishers Association, its 28 members – including publishing giants Penguin Random House, HarperCollins and Simon & Schuster – saw audiobook revenue grow 10% to $1.8bn (£1.48bn) in 2022, marking more than a decade of double-digit growth. Spotify's inclusion of audiobooks in its subscription service follows the format's continual growth in popularity and profit. The company hopes the free 15 hours will hook consumers in the world of audiobooks, opening revenue streams and tempting subscribers to purchase additional listening hours, as opposed to the à la carte pricing model favoured by rival platforms. Early signs show promising potential: at Spotify's Q3 earnings call, Ek said subscribers in the UK and Australia had already listened to more than 28% of its audiobook catalogue, in just two weeks. Spotify has 213 million global subscribers – which represents a huge market for publishers to tap. ![]() "And just like in music and podcasting, we're really excited to be able to bring all the amazing tools that we built for creators and consumers alike to enable more discovery of these amazing audiobooks to the entire world." "Just like in music and podcasting, we believe that many more consumers want to consume audiobooks and want to listen to audiobooks," said Daniel Ek, Spotify founder and CEO, at the feature's announcement in New York. Bestsellers and literary classics are now housed in the same app as music and podcasts: a " seamless one-stop destination for all things audio", according to Spotify's announcement. The feature is set roll out in the US by the end of 2023. In recent years, audiobooks have become a multibillion-dollar industry, with dedicated subscription services, from both big conglomerates and independent companies, driving most of this revenue. But their addition to Spotify's streaming selection marks a watershed moment.įrom 4 October, Spotify Premium subscribers in the UK and Australia have been able to access up to 15 hours of audiobook content per month – from more than 150,000 titles – at no additional cost.
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