Spotify is now testing audiobooks
The CFO of Spotify, Paul Vogel, has announced that Spotify plans to expand its products to enhance its growth in both established and developing markets. One of the latest plans the company tends to offer is the launching of “testing and trialing of Audiobooks. ” Spotify intends to treat this new project the same way as the podcast offering. The music streaming giant plans to offer an enhanced user interface for listening to audiobooks.
Regarding the launch timing of audiobooks, Paul Vogel said, “It’s going to come out very soon, but I would say you don’t expect that to be the final verdict or improvement that we make on the audiobooks.” He further stated, “when it comes to podcasting, we gave you a better experience, and there is no reason for you to switch from Podcast unless you find a better and more convenient platform, and we think audiobooks will be offering us opportunities to create something different.”
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Spotify believes that there are a lot of ways of adding audiobooks to its platform and creating an environment that can compete with other audiobook players like Amazon Audible, Audiobooks.com, and Scribd.” Addition of Audiobooks on Spotify will be a growth opportunity for the authors and publishers to launch their books and audiobooks to the public,” stated Paul Vogel.
It is worth noting that Spotify has previously shown its interest in Audiobooks as it began testing in January 2021 with several classics like Frankenstein, Jane Eyre, and Harry Potter. The company has also announced a partnership with the audiobook platform Story Tel to allow Spotify users to access their audiobooks through the Spotify platform. The services of audiobook distributor Findaway were also acquired for the launch of this new project.
The company believes it could leverage its existing machine learning models to grow the audiobooks category through personalized recommendations as it has done with music and podcast. It is also expected that the addition of audiobooks to contribute to the increase of its user base lifetime value, which is a metric it says is more important to measure the health of its business rather than the growth, which was more focused in earlier days.
Spotify is also launching a new ticketing product which will be a new way of boosting monetization. This comes after the launch of a new site with the aim of selling tickets directly from their platform. The ticketing site has seen a rise in listening habits after different customers who purchased tickets to different events tend to listen more to music by artists on Spotify. People who buy tickets through Spotify tend to listen to more of the artist’s music on Spotify. The ticketing site has not been launched officially but is available to the public for booking tickets.