During the company’s Investor Day on Wednesday, Spotify founder and ceo Daniel Ek asserted that, “We believe that audiobooks, in their many different forms, will be a massive opportunity.” Spotify’s planned acquisition of audiobook distributor Findaway, which they had expected to close quickly before the end of 2021, is still pending, presumably awaiting regulatory approval. Ek deployed some typically creative/expansive tech-world math to quantify the opportunity they foresee: Audiobooks currently have about 6-7 percent of the market share of the global book market, which he said was around $140 billion, but in “the most penetrated audiobook markets” (presumably Scandinavian countries […]
