Allowing access to audiobooks to all the members of its family and Duo plans in the US is a smart move on the part of Spotify that shows the changing nature of habits and the growing need for more flexible digital experiences. So far, Spotify has offered its audiobook collection only to the main account holders. A lot of households were excluded, because not everyone on the plan had an equal participation in shared subscriptions.
The new Audiobooks+ addition gives each member of the family 15 additional hours of listening to audiobooks monthly on top of the basic Audiobooks+ features of Spotify Premium. The change is very timely on the part of Spotify. Weak ad revenue and failure to meet earnings targets were the problems that the firm was experiencing recently.
Nevertheless, user growth is healthy and is at nearly 700 million active users and above 270 million paying subscribers. By providing households that pay with more value, Spotify intends to strengthen their ties and persuade individuals to continue with or enhance their coupons.
The usage of audiobooks is surely increasing rapidly, and the listening hours have also increased by more than 35% year-on-year in the US, the UK, and Australia. This is an indication of a genuine demand among Spotify-based fans. This appears to be a good move by Spotify to increase the audience that will explore audiobooks, as this could increase the number of listeners getting acquainted with audiobooks.
This not only increases the range of audience interest on which existing subscribers might be interested, but it also assists the publishers and writers to reach new clients. In the future, Spotify is likely to look into further means by which the fans can reach the books and purchase them.
This may make audiobooks a larger and more lucrative component of the platform, particularly among younger listeners and families searching for a single place where they can listen to music, podcasts, and read. Finally, this approach incorporates all the elements of convenience, range, and affordability and remains one step ahead of the rivalrous streaming industry.
