A quarter of Spotify Premium users listening to its audiobooks

Spotify has revealed data showing that 25% of Spotify Premium users are engaging with its audiobooks offering. The Swedish tech giant said the data indicates that "Spotify is driving a meaningful incremental revenue stream for the publishing community".

“Without Spotify, royalties for independent authors would have increased to 23% from the first quarter of 2023 to the first quarter of 2024, but with Spotify’s addition of audiobooks in Premium, independent authors have seen a 95% jump in their royalties,” the company added.

Released on Wednesday 17th April, the data also suggests a particular interest in Spotify’s audiobooks offering among users aged 18 to 34, who make up 57% of listeners. In the US, new audiobook listeners have contributed over 2.6 hours  overall consumption per user in the first 14 days of starting a book.

Additionally, Spotify has more than doubled top-up purchase volume (through which users buy more audiobook hours) quarter over quarter since launch.

The streaming company also said it is “doubling down on cross-promotion across content verticals, by amplifying authors’ appearances on podcasts to promote the launch of new books”. In March, RuPaul went on Alex Coopers’ podcast “Call Her Daddy” to promote his book, The House of Hidden Meanings (HarperCollins), and following his appearance, the audiobook saw an overall 34% increase in consumption week over week.

All of the major book publishers, including Penguin Random House, agreed limited streaming deals with Spotify, as the Swedish tech giant moves to enhance its audiobook offer and take on the dominant rival Amazon-owned Audible last October. The audiobooks offer was expanded to subscribers in Canada, Ireland and New Zealand earlier this month.