Spotify is integrating another type of audio experience - audiobooks.
👉Background: Spotify launched back in Sweden in 2006 and has since built of a base of 433 million users (including 188 million premium users).
👉 What happened: In 2019, Spotify announced it wanted to be the home of all things audio… so it integrated podcasts into the main music app.
👉 What else: In 2022, Spotify is integrating another type of audio experience - the audiobooks with 300,000 titles on its app. While the audiobooks feature will only be available in the US right now, it's expected to roll out globally later in the year.
💡Sometimes it takes an innovative company to reshape a slow-growth industry. Although audiobooks only represent 7% of the total $140 billion book market, Spotify reckons it can shake things up.
💡Spotify has created a name for itself in music and podcasting for its strong recommendations capability. Daily Mixes? Tick. Your Daily Drive? Tick. In fact, 81% of its users say that the personalisation of the Spotify app is what they love most.
💡So it’s likely that Spotify will apply the same approach to the audiobook industry. Rather than asking your unreliable mate's-mate for a book recco, Spotify will personalise recommendations based on your previous listening habits.
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