Where’s the music? Spotify to expand audiobooks with news, sports, education next
During Wednesday’s Spotify Investor Day CEO Daniel Ek announced that Spotify would be aggressively expanding its selection of audiobooks as its third vertical within its main app alongside music and podcast.
Users will soon be able to both purchase and listen to audiobooks within the Spotify app.
The streamer announced the acquisition of the audiobook platform Findaway in November of last year, but that deal has not yet closed. Findaway’s tools have the potential to make audiobooks available from more independent publishers somewhat like Anchor helped Spotify bring aboard millions of new podcasters.
Ek also shared that Spotify was now the most popular podcast destination in many markets including the U.S.
The CEO promised additional audio verticals. Given EK’s longstanding claim that Spotify would replace broadcast radio, an expansion of live audio beyond its current Spotify Live Clubhouse competitor would seem high on his list.
Later in the presentation, Alex Norström, Chief Freemium Business Officer named three future audio verticals that Spotify sees as ripe for growth. He tipped news, sports, and education as sectors that offer massive growth opportunities for the streamer.
Bruce Houghton is Founder and Editor of Hypebot and MusicThinkTank and serves as a Senior Advisor to Bandsintown which acquired both publications in 2019. He is the Founder and President of the Skyline Artists Agency and a professor for the Berklee College Of Music.