“This greatly improves our offering, which will lead to people increase their engagement with Spotify, which will then, of course, reduce churn,” Ek said of the new audiobooks offering. The podcasting segment has yet to turn a profit (executives have forecast hitting that metric in 2024), and Spotify has had to make several cuts in the space, in addition to layoffs, including ending its exclusive podcasting deal with Prince Harry and Meghan Markle in June and merging podcasting studios Parcast and Gimlet into a single division. The company has been positioning its move into audiobooks as the next step in its business model, after heavily investing in the podcasting space, which has weighed on its margins but has helped with user retention, according to the company. Spotify launched its audiobooks business in September 2022, following its acquisition of audiobook production platform Findaway in November 2021. ![]() “I’m so excited to bring some of the same tools that have helped the music industry and podcast industry as well now to the audiobook industry,” CEO and founder Daniel Ek said at an event in New York announcing the launch Tuesday. ![]() This method, as well as its prominent placement on the home feed and social media sharing tools, is also meant to help authors grow their fan bases. ![]() If a subscriber hits the limit of 15 hours of listening per month, they can opt to add on 10 more hours or purchase the book. The company will also use its existing personalization tools to suggest books to users, starting by asking users about favorite books. Tokyo: Wim Wenders Leads Festival Tribute to Legendary Auteur Yasujiro Ozu
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |