From The Bookseller:
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.
Link to the rest at The Bookseller