© Tiffany Hagler-Geard/Bloomberg
Spotify is looking to test the waters in the thriving audiobook market by offering subscribers a free trial, sources have revealed to the Wall Street Journal. In an attempt to draw more users to its audiobook offerings, the streaming giant will provide paying customers access to up to 20 hours of audiobook listening per month without an extra charge. This trial period is expected to launch in the coming months.
Following its $123 million acquisition of Findaway’s audiobook distribution platform last year, Spotify significantly bulked up its catalog – though titles remained limited to individual purchase. Now, with the free trial, Spotify aims to gauge listener demand for audiobook content on its platform.
Spotify’s push into this new sector comes after ongoing tensions with Apple led to audiobooks being removed from its iOS app. To avoid Apple’s steep commission fees, Spotify instead directed users to its website to buy audiobooks.
The move grows Spotify’s ambitions to dethrone current market ruler Audible, estimated to command around two-thirds of the overall audiobook market. Spotify has tried appealing to indie authors with reduced royalty rates in an effort to chip away at Audible’s stronghold.
How the free trial will roll out across various countries remains unclear. Spotify is still finalizing audiobook catalog details as well. But this new initiative signals the streaming service’s resolve to emerge as a serious competitor in the booming audiobook space. Only time will tell if Spotify can translate its music streaming success into meaningful audiobook sales.
