Spotify launches an audiobook service in the United States with over 300,000 copies

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

Spotify 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.

Currently, 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. The audiobook market is also a huge piece of the cake, with media consultancy Omdia estimating that the audiobook market is expected to reach $4.8 billion in 2021 and grow to $9.3 billion by 2026 at a compound annual growth rate of 14%.