Wanting To Expand Features, Spotify Presents Audiobooks As A Business Pillar In Its Service

Spotify will launch an audiobook service (photo: Pixabay)

JAKARTA - Spotify has been running for four years since its initial release in 2018. From that long journey, Spotify CEO and Founder Daniel Ek, said that he would make audiobooks a business pillar that would differentiate Spotify.

"We believe audiobooks will be a great opportunity. Our expectations are high as we have done in the podcast feature," said Daniel Ek, in a presentation with investors.

As a testament to the big strides being taken, last year Spotify acquired Findway, the global leader in audiobook distribution platforms. Daniel believes that audiobooks and their various forms will be a great opportunity for Spotify.

One thing to note is, that the Findaway deal hasn't really closed yet. The news was first announced in November 2021, with an expected acquisition date before the end of 2021. However, the deal is still being reviewed by the Justice Department's antitrust division.

Spotify says it will bring paid audiobooks to expand its features beyond music and podcasts. "We really invested in building a fantastic multi-faceted platform that has all the ingredients to become one of the truly unique creative platforms in the world."

How the business model will be, is not yet fully clear. But apparently, some audiobooks on Spotify will be provided for free. The "Freemium" or premium content model will also apply to audiobooks.

"We're considering bringing ad monetization to audiobooks," said Dawn Ostroff, Spotify's Head of Content and Ads Business.

If Spotify were to provide free audiobooks, that would be a huge advantage for Spotify, as most audiobooks are paid. Like, Audible's services and Amazon's audiobooks.