At Spotify’s investor day presentations, global head of audiobooks Owen Smith said that the company’s program that sells subscribers an additional 15 hours of audiobook listening a month (Audiobooks+) for $11.99 is “on track to reach $100 million in annualized recurring revenue this July.” (Financial translation: The means that by July, they expect monthly sales to reach $8.33 million.) To further that growth, they will be adding a higher tier for “power readers” as well as “Family and Student plans.” Smith underscored that, “Almost half of our audiobook listeners are under 35—meaningfully younger than the broader market—and we’re helping publishing […]
