Spotify adds audiobook-only subscription offer

Music streaming platform Spotify has announced a new subscription category ‘for literary enthusiasts who are looking for more audiobook-specific content’.

The new audiobooks access tier, available only in the US for now, costs US$9.99 per month and gives subscribers 15 hours of audiobook access, but does not include ad-free music access. For US$10.99 per month, subscribers receive ad-free music as well as 15 hours of audiobook listening.

In announcing the new subscription option, Spotify said that since it launched its limited audio streaming offer for Premium subscribers, the business had ‘seen a 45% increase in free users searching for and interacting with audiobook content each day’.

As previously reported by Books+Publishing, Spotify said it has paid audiobook publishers ‘tens of millions’ since launching its limited-streaming audiobook offer last year. The Guardian reported the company’s move to offer audiobook streaming had contributed to a €75 million (A$125m) operating loss in the fourth quarter of 2023, with Spotify reporting its adjusted operating profit, excluding onetime charges, was €68 million (A$113m), which it said was ‘more than double the third quarter as the business continues momentum towards sustainable growth and profitability’. Spotify reported a record year of 31 million net new subscribers.

The results come after Spotify cut more than 1500 jobs in December last year.

Category: International news