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Spotify CFO Paul Vogel has introduced that the streaming music platform will quickly start testing audiobooks.
The Spotify govt stated the corporate plans to proceed increasing its product portfolio because it sees progress alternatives in each its established and creating markets.
“It is popping out quickly, however I’d say do not anticipate it to be the final change or enchancment we make to the audiobook providing,” Vogel stated.
Spotify intends to deal with this new undertaking in the identical method as its podcast providing. The streaming platform can even try to supply an improved consumer interface for listening to audiobooks.
“On the subject of podcasts, we offer you a greater expertise,” stated Vogel. “There was no cause so that you can change from no matter you used to podcast to Spotify until we created an setting the place it was higher and simpler for you. And we predict there are related alternatives in audiobooks the place we are able to innovate and create one thing completely different.”
Spotify goals so as to add audiobooks to its platform to create an setting that may compete with different audiobook gamers, resembling Amazon’s Audible, Audiobooks.com and Scribd.
Vogel famous that the addition of audiobooks on Spotify is a progress alternative for publishers and authors, because the upcoming launch will assist them develop the general e-book and audiobook market.
Vogel’s feedback come as Spotify has been inching towards an audiobook product for the previous 12 months. Final fall, the corporate acquired audiobook distributor Findaway for an undisclosed sum. On the time, Spotify stated it deliberate to construct on Findaway’s present investments within the audio trade.
In January 2021, the corporate started testing the audiobook format with numerous classics resembling “Harry Porter” and “Frankenstein.” The identical 12 months, in Could, the corporate introduced a partnership with Storytel, an audiobook platform. The transfer was supposed to permit Spotify customers to entry audiobooks by way of their Spotify app.
On one other observe, Spotify can even be launching a brand new ticketing product which is a brand new method by way of which monetization will likely be boosted. This comes after the corporate launched a brand new website final month with the goal of promoting stay live performance tickets immediately from its platform.
The ticketing website has seen a rise in listening habits after completely different clients who purchased tickets to completely different occasions are likely to take heed to extra music from artists on Spotify. The ticketing website has not been formally launched but, however it’s accessible for the general public to order tickets.
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Spotify To Begin Testing, Trialing Of Audiobooks