MBW Reacts are a collection of brief commentary items from the MBW workforce. They’re our ‘fast take’ reactions – via a music biz lens – to large leisure information.
Spotify has lastly launched Audiobooks on its platform.
The addition of the format this week, at the moment solely within the US, comes 4 months after CEO Daniel Ek outlined SPOT’s intentions to double down on audiobooks throughout a speech at Spotify’s Investor Day.
SPOT highlighted the chance within the audiobook market at its Investor Day, noting on the time that it’s “anticipated to develop from $3.3 billion to $15 billion by 2027.”
Spotify made its intentions to tackle the likes of Amazon’s Audible even clearer in June when it closed the acquisition of digital audiobook distribution firm Findaway.
Beginning this week, Spotify listeners within the US will be capable of buy and take heed to greater than 300,000 audiobook titles on the platform.
US customers will see audiobooks alongside music and podcasts as a piece of their library, in searches and of their curated suggestions on Residence.
One of the attention-grabbing features of the launch of audiobooks on the platform is that entry to this content material won’t be included as a part of a person’s Spotify subscription.
Spotify says they are going to seem with a lock icon on the play button and have to be bought individually with the intention to take heed to them.
Customers should buy the closed audiobooks via an online web page, and once they return to Spotify, the e-book will routinely be saved to their library.
The idea of a locked play button that may be unlocked through a further buy obtained us considering. Might this mannequin be utilized to artist content material?
By diversifying its personal content material providing with yet one more audio format alongside music and podcasts, Spotify might have unlocked a brand new means for artists to make more cash on its platform.
Allow us to e.g. say an artist had a bonus observe that they wished to cost further for, if that artist and/or their workforce had entry to a function in Spotify for Artists that allowed them to cost further for it, they may put a lock icon on the play button and do it.
The identical may very well be utilized to behind-the-scenes bonus podcasts, deluxe version albums, and even unique music movies if Spotify ever ventured into this house.
Spotify gives different methods for artists to generate income on its platform in addition to royalties from streams, like its Fan Help function, which was beforehand known as Artist Fundraising Choose. It was launched in the course of the lockdown when artists couldn’t play exhibits.
In Might, Spotify stated greater than 200,000 artists had an Artist Fundraising Choose hyperlink on the prime of their profile, with round 90% of these artists utilizing the function to instantly acquire fan assist.
Artists also can handle and promote merch on their profiles through Spotify’s Shopify partnership, and Spotify additionally began promoting live performance tickets on to followers final month through their new ‘Spotify Tickets’ web page.
However permitting artists to lock down particular person items of audio content material and cost for entry to it may very well be a brand new means for Spotify to let artists generate probably vital extra income from superfans.Music enterprise worldwide