As the second quarter of 2024 approaches, Spotify has announced promising growth in its Audiobooks segment, revealing that 25% of its Premium subscribers have engaged with audiobooks since the feature’s introduction in the fall of 2023. The audio streaming giant has been diversifying its offerings beyond music.
“We’re continuing to see strong signs that Spotify’s Audiobooks offering is a value add that listeners want and care about.”
Spotify
“We’re continuing to see strong signs that Spotify’s Audiobooks offering is a value add that listeners want and care about,” a Spotify told How To Be Books. “The success we’re seeing means Spotify is driving a meaningful incremental revenue stream for the publishing community.”
Read: Spotify audiobooks ‘reshape market’ with huge growth
According to Spotify, the inclusion of audiobooks has led to a remarkable increase in royalties for independent authors. “Without Spotify, royalties for independent authors would have increased to 23% from Q1 of 2023 to Q1 of 2024. but with Spotify’s addition of Audiobooks in Premium, independent authors have seen a 95% jump in their royalties,” Spotify said.
The company also shared new metrics regarding its audience, consumption volume, and discovery processes. Data shows a strong preference for audiobooks among younger users, particularly those aged between 18 and 34, who account for 57% of Spotify Audiobook listeners. In the US, new audiobook listeners have significantly increased their overall consumption by an average of 2.6 hours, or 8.15%, within the first 14 days of starting a book.
On top of this, Spotify has doubled its top-up purchase volume quarter-over-quarter since the launch of audiobooks. The company is enhancing its marketing efforts by leveraging cross-promotion across different content verticals. For instance, in a recent promotional campaign, RuPaul appeared on the podcast “Call Her Daddy” to promote his new book “The House of Hidden Meaning.” This appearance led to a 34% week-over-week increase in audiobook consumption.
Read: Spotify launches new audiobooks subscription tier for book lovers
On social media, users have been praising the new offer, calling it the “best thing ever.” However, some complained that the premium service was limited, providing only 15 hours of listening time a month.
In the end, Spotify’s strategic push into audiobooks appears to be paying off, promising a new growth avenue for both the company and content creators alike. As Spotify continues to innovate and expand its content offerings, the audiobooks segment is expected to play a crucial role in its ongoing success.
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