Spotify stated on Tuesday that customers of its premium companies in 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 large is wanting to complement its earnings with different revenue-generating codecs corresponding to podcasts and audiobooks. The launch of its audiobook service in 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 growth 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 might be ready to select from a list of over 150,000 audiobooks out there as a part of the present Spotify Premium subscriptions, with the possibility to purchase extra 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 in order to make the most of this function as of now, the firm added.
© Thomson Reuters 2023
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