Spotify takes on Amazon’s Audible, launches audiobook service for US users According to Reuters

© Reuters. FILE PHOTO: The Spotify logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS / Brendan McDermid

(Reuters) – Spotify Technology SA (NYSE:) is locking horns with Inc’s Audible (NASDAQ:), with the launch of its audiobook service in the United States.

The Swedish company said Spotify users in the country will have access to more than 300,000 audiobooks in a blog Tuesday.

Users will be able to browse the catalog on the Spotify app and make purchases through the website, it added, similar to purchasing a Spotify subscription.

The audiobook market is estimated to reach $4.8 billion by 2021 and is expected to grow at a compound annual rate of about 14% to $9.3 billion by 2026, according to media consulting firm Omdia.

Spotify has outlined an aggressive expansion path as it looks to supplement its music streaming income with other revenue-generating formats like podcasts, of which it has spent more than $1 billion adding big names. famous as Joe Rogan on his list.

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