Spotify Technology SA is locking horns with Amazon.com Inc's Audible, with the launch of its audiobook service in the United States.
Spotify users in the country will have access to more than 300,000 audiobook titles, the Swedish firm said in a blog on Tuesday (Sep 20).
Users will be able to browse the catalog on the Spotify app and purchase through the website, it added, similar to the purchase of Spotify subscription.
The audiobooks market was estimated at US$4.8 billion in 2021 and was expected to grow at about 14 per cent compound annual growth rate to US$9.3 billion by 2026, according to media consultancy Omdia.
Spotify has charted an aggressive expansion path as it looks to supplement its earnings from music streaming with other revenue-generating formats such as podcasts, on which it has spent more than US$1 billion to add popular names such as Joe Rogan to its roster.