Spotify stated on Tuesday that customers of its premium companies within the UK and Australia would now have 15 hours of free entry to audiobooks a month, with the function increasing to the US later this yr.
The music streaming big is seeking to complement its earnings with different revenue-generating codecs reminiscent of podcasts and audiobooks. The launch of its audiobook service within the US final yr challenged Amazon’s Audible.
Spotify final yr laid out plans to get one billion customers by 2030 and attain $100 billion in annual income. The firm had additionally beforehand promised high-margin returns from its pricey enlargement into podcasts and audiobooks.
In July, Spotify raised costs for its premium plans throughout a number of nations together with the US and the UK.
The firm stated on Tuesday that subscribers will be capable of select from a list of over 150,000 audiobooks obtainable as a part of the prevailing Spotify Premium subscriptions, with the choice to purchase further 10-hour allocations as top-ups.
Users will need to have a premium particular person account or be the plan supervisor for his or her Family or Duo account to be able to benefit from this function as of now, the corporate added.
© Thomson Reuters 2023
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