Spotify said Tuesday that users of its premium services in the UK and Australia will now get free access to 15 hours of audiobooks a month, with the feature expanding to the United States later this year.
The music streaming giant is looking to supplement its earnings with other revenue-generating formats like podcasts and audiobooks. launch Last year its audiobook service challenged Amazon’s Audible in the United States.
Spotify last year planned to have one billion users by 2030 and reach $100 billion in annual revenue. The company had previously promised high-margin returns from its costly expansion into podcasts and audiobooks.
In July, Spotify raised prices For its premium plans in many countries including the United States and the UK.
The company said on Tuesday that customers will be able to choose from a catalog of more than 150,000 audiobooks available as part of an existing Spotify Premium subscription, with the option to purchase an additional 10-hour allotment as a top-up.
Currently, users must have a premium personal account or be a plan manager for their Family or Duo account to avail this feature, the company said.
