Spotify has already evolved into an audio streaming platform that is no longer limited to music, but also podcasts. According to Spotify, they now have over 4 million podcasts and audiobook content on their platform.
Last year Spotify also took over the famous audio book company Findaway which is now in the final stages of a deal. In the future, Spotify also wants to focus on audio book subscriptions to attract more existing customers who are now beginning to enjoy listening to podcasts.
Audio books from Findaway come in a variety of formats and this gives Spotify a good chance to become the greatest audio streaming platform in the industry. The world book market is now said to be worth up to $ 140 billion (~ RM616 billion), of which 6% -7% is held by audio books (around ~ RM37-RM43 billion).
Spotify also argues that the audiobook market could help further increase their revenue by up to 40%. Later, with one subscription, users can access music, podcasts and even audio books.
According to a report by The Economist earlier in the year, Apple is also expected to offer audiobooks through their podcast platform - the Apple Podcast. It is expected to arrive around this year as well. This means that Spotify and Apple will compete in the audio streaming industry.