Music streaming giant Spotify has expanded its subscription offerings by introducing a new plan focused solely on audiobooks.
"Spotify is continuously innovating to provide the best possible offering for every kind of audio fan. Since launching Audiobooks in Premium, we've seen a 45% increase in free users searching for and interacting with Audiobook content each day. Now we are introducing a new plan option to give our listeners a variety of choices," the streaming platform said in an official announcement.
The company logo of Swedish music streaming giant spotify is pictured on a smartphone in Berlin on January 23, 2023. - Swedish music streaming giant Spotify said on January 23, 2023 that it was cutting six percent of its roughly 10,000 employees, the latest among a slew of cost-cutting announcements by technology companies.
Audiobooks Access Tier on Spotify
Dubbed the Audiobooks Access Tier, this new option is currently available in the United States and provides users with 15 hours of audiobook listening per month for a flat fee of $10.
With access to Spotify's extensive library of over 200,000 titles, subscribers can immerse themselves in literary worlds while still enjoying ad-supported music via the platform's free tier.
While some may find it surprising for Spotify to venture into the audiobook market at this price point, a closer look reveals a strategic move aimed at undercutting competitors like Audible. Spotify Premium, priced at $11 per month, already includes 15 hours of audiobook listening, along with other premium features.
Given that audiobooks typically range from seven to 11 hours, Spotify's offering presents a cost-effective alternative to Audible's $15 monthly subscription, which provides only one audiobook credit per month.
Spotify's decision to introduce an audiobook-only tier comes on the heels of a significant uptick in user engagement with audiobook content since the incorporation of 15 hours of listening into its Premium subscription in November.
The company reported a 45% increase in daily searches and interactions with audiobooks among free-tier users. Moreover, Spotify's foray into audiobooks aligns with its broader strategy of diversifying its content offerings to cater to a wide range of audio enthusiasts.
The streaming platform sees this new plan as an opportunity to cater to literary enthusiasts seeking more audiobook-specific content while enjoying music and podcasts through its free, ad-supported service.
"Spotify offers several subscription plans tailored to fit a variety of users' preferences and will continue to invest in giving our listeners more options to cater to their unique needs," the company said in a statement.
Read Also: Spotify Renews Joe Rogan's Podcast Deal Amid Controversies, No Longer Exclusive
Spotify and Other Companies Complain to EU About Apple
In related news, Spotify has joined forces with 33 other companies in submitting a letter to the European Union, raising concerns about Apple's alleged non-compliance with the Digital Markets Act (DMA). The letter accused Apple of failing to meet the requirements of the DMA, thereby hindering the industry's progress.
The letter highlighted various areas where Apple's proposed changes fall short of the DMA's requirements, including its policies on sideloading, developer terms, fees, and privacy and security controls.
Spotify and its counterparts urged Apple to address these issues and ensure compliance with the DMA to benefit consumers and foster a more competitive ecosystem. Read more about this story here.
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