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Spotify Launches Audiobooks 

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Spotify announced on Tuesday that American Spotify users would be able to listen to and purchase more than 300,000 audiobooks. 

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Spotify's latest venture into audiobooks is its attempt to make it a one-stop shop for audiobooks.

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According to Spotify's second-quarter earnings report, more than 4.4 million podcasts are available on the platform.

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In Tuesday's press release, Nir Zicherman (Spotify's vice president and global chief of audiobooks and gated content) stated that 

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The company chose audiobooks because they are a "substantial under-tapped market".

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Zicherman stated that the segment is growing at 20% per year, despite only a 6% to 7 percent share of the existing book market.

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Spotify users interested in audiobooks and can search for them in their library, their curated recommendations, and their search. 

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The lock icon will appear above the play button to indicate that audiobooks need to be bought. 

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After a book has been purchased, the user can bookmark their audiobook, adjust their listening speed, and download the audiobook for offline listening.

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