Spotify Reports Over One Million Subscribers to Audiobooks+ Service

The Audiobooks+ tier, which is an $11.99 monthly add-on, offers subscribers 30 hours of audiobook listening each month. As of July, the service generated approximately $100 million in annual recurring revenue, with about half of its listeners under the age of 35. Additionally, the audiobooks include a feature called Page Match, allowing users to follow along with a physical book while they listen.

Spotify's growth in audiobook subscriptions comes amid criticism from music publishers, particularly the National Music Publishers Association (NMPA), who allege that Spotify's audiobook bundle is a tactic to reduce its royalty payments to songwriters and publishers. Despite these claims, the platform has seen nearly a 40% increase in monthly audiobook listeners and a 30% rise in listening hours over the past year. The company emphasized its commitment to creating a better space for book lovers, authors, and publishers since it first introduced audiobooks to its Premium service three years ago.

Owen Smith, Vice President of Audiobooks at Spotify, stated that audiobooks allow people to rediscover reading during commutes or leisure. The expansion of the service will reach markets across Africa, Asia, and additional regions in Europe and the Americas, enabling millions more to access audiobooks.