YouTube is reportedly entering the audiobook market, a move that could challenge leading players Spotify and Amazon. According to The Wall Street Journal on October 14, the video platform has engaged with publishers in recent months to explore developing an audiobook feature.
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The company may introduce this feature as early as next year, possibly as part of its paid subscription service, YouTube Premium. However, the specifics of how audiobook content will be offered remain undecided.
Currently, the audiobook market is dominated by Spotify and Amazon's Audible. YouTube’s entrance into this space would add to an already competitive landscape. Despite a decline in traditional reading, the publishing industry sees an opportunity to leverage YouTube's large user base. The platform is currently inundated with unauthorized audiobook content, which has led the industry to anticipate that a legitimate service from YouTube could generate revenue.
The audiobook market has experienced significant growth in recent years, with digital audiobook sales exceeding $1 billion last year, according to the Association of American Publishers. This figure marks a notable increase from $265 million in 2016.
Spotify recently announced plans to significantly expand its audiobook service to around 180 markets, including Korea, by the end of this year. This includes adding support for more than 120 languages and securing over 350,000 audiobooks for the new regions. The company noted a 40% increase in monthly audiobook listeners and a 30% rise in listening time over the past year, indicating a strong growth trend in the sector.