Spotify announced strong results from its audiobook offerings during its annual Investor Day presentations on May 21. Listening hours rose 60 percent year over year. The company also revealed plans for new subscription tiers later this year.
Spotify said total audiobook listening hours increased 60 percent compared with the prior year. More than 1 million users have signed up for the Audiobooks+ add-on service, which generates $100 million in annualized revenue. These subscribers deliver three times the lifetime value of standard users who listen to audiobooks, the company reported.
