Spotify increases prices on premium subscriptions
Spotify said it's implementing the price increases so it can "keep innovating."LEARN MORE
Spotify is pushing its way into the audiobook market by offering some premium users free access to a portion of titles.
Spotify is stepping up another piece of its catalog in its attempt to become the market's one-stop shop for all things audio.
After making its first push into audiobooks last September, the platform is now offering paying users up to 15 hours of free listening each month among 150,000 titles. That's about half of its full audiobook collection — which it publicized soon after acquiring audiobook distributor Findaway for $119 million last year — but Spotify said the tally includes "upwards of 70% of bestselling books."
The news means some Spotify users can access three different kinds of media under the same subscription, the platform said, helping it become a "seamless" destination for an audio-focused demographic, while also offering the company another foray into moneymaking if users get hooked.
"We believe that offering personalized music, podcasts, and audiobooks on a single platform gives you a superior way to connect with your favorite artists, podcasters, creators, and authors — all in one spot," Spotify said in its announcement. "Not only can you listen to some of your favorite authors' works, but you can also tune into podcasts where fans dissect the most minor details of a story and find the hidden meaning in every sentence, without leaving the app."
The feature is now available for individual Premium users as well as plan managers for Family and Duo accounts in Australia and the U.K., but Spotify said it will hit the U.S. next, starting later this year.
Currently more than 200 million users are premium subscribers, with the company raising its prices $1 to $2 in July so it could "keep innovating."
If you're an eligible user under Spotify's new audiobook chapter, you'll find books marked "Included in Premium" that count toward your 15 hours.
Though the average audiobook takes a reader between 8 to 12 hours to complete, those who need more than the 15 hours can purchase top-ups to finish a series, the platform said.
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