During Wednesday’s Spotify Investor Day, CEO Daniel Ek announced that Spotify will aggressively expand its selection of audiobooks as the third vertical of its core app alongside music and podcast.
Users will soon be able to buy and listen to audiobooks in the Spotify app.
The streamer announced the acquisition of audiobook platform Findaway in November last year, but that deal has yet to close. Findaway’s tools have the potential to make audiobooks available from more independent publishers, much like Anchor helped Spotify onboard millions of new podcasters.
Ek also shared that Spotify is now the most popular podcast destination in many markets, including the United States.
The CEO promised additional audio verticals. Given EK’s longstanding claim that Spotify would replace broadcast radio, an expansion of live audio beyond its current competitor Spotify Live Clubhouse would seem high on its list.
Later in the presentation, Freemium Chief Commercial Officer Alex Norström named three future audio verticals that Spotify sees as ripe for growth. He pointed to news, sports and education as sectors with huge growth opportunities for the streamer.
MORE: How to watch Spotify Investor Day 2022 [NYSE: SPOT]
Bruce Houghton is founder and publisher of Hypebot and MusicThinkTank and acts as principal advisor to Groupsintown who acquired both publications in 2019. He is the founder and president of the Skyline Artist Agency and a teacher for Berklee College of Music.