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Spotify releases audiobook service in U.S. with over 300,000 copies

According to the latest report, Spotify said on Tuesday that it has launched an audiobook service in the United States, a move to compete with Amazon’s Audible.

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It said that users can browse the catalog on the Spotify app and buy through the website, similar to buying a Spotify subscription, and said it has sold more than 300,000 audiobooks online.

Spotify audiobook service USCurrently, Spotify is looking to broaden its revenue channels, hoping to supplement the revenue of its music streaming business with other revenue-generating forms such as podcasts, and the audiobook market is also a huge piece of the cake.

Media consultancy Omdia estimates that the audiobook market is expected to reach $4.8 billion in 2021, and will reach $9.3 billion by 2026 at a compound annual growth rate of 14%.

Moreover, Spotify’s total revenue in the second quarter was about 2.906 billion US dollars, a year-on-year increase of 23%. The net loss was $127 million, compared with a net loss of 20 million euros a year earlier.

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