Spotify said on Tuesday that premium service users in the UK and Australia can now read 15 hours of audiobooks for free each month, with the feature set to expand to the US later this year.
The music streaming giant is looking to supplement its revenue with other revenue-generating formats such as podcasts and audiobooks. The audiobook service launched in the United States last year, posing a challenge to Amazon’s Audible.
Spotify last year laid out plans to have 1 billion users and $100 billion in annual revenue by 2030. The company has also promised high-margin returns from its costly expansion into podcasts and audiobooks.
In July, Spotify increased the price of its premium plans in several countries, including the United States and the United Kingdom.
Subscribers will be able to choose from a catalog of more than 150,000 audiobooks as part of their existing Spotify Premium subscription, with the option to purchase an additional 10 hours of credit as a top-up, the company said on Tuesday.
The company added that users must have a Premium Personal account or a plan administrator on their Family or Duo account to take advantage of this feature.
© Thomson Reuters 2023
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