Tesla and SpaceX CEO Elon Musk has expressed his appreciation for the growth of Spotify Inc. SPOT in the audiobook industry.
What Happened: On Tuesday, Spotify CEO Daniel Ek took to X, formerly Twitter, and provided an update on the platform’s audiobook feature, which was introduced a year ago for premium users.
Ek said that Spotify has paid out hundreds of millions to publishers and has doubled its catalog.
“Our catalog has doubled to 300,000 titles. We know that our listeners are loving bestsellers, but they are also very excited to be discovering backlist titles too,” he stated.
Ek also highlighted that over 58% of audiobook listeners are aged between 18 and 34.
Additionally, Spotify has broadened its audiobook service to non-English markets, including France, Belgium, the Netherlands, and Luxembourg.
Musk responded to Ek’s update with a simple, “Cool.”
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Why It Matters: In July, Spotify reported a 20% year-over-year increase in revenue for the fiscal second quarter of 2024, reaching $4.099 billion, which fell short of the analyst forecast of $4.17 billion.
Earlier this week, Spotify also expanded its music video feature to 85 additional markets, aiming to deepen the connection between fans and artists by combining audio and visual content.
Spotify has advanced by introducing new features such as Countdown Pages, Clips, and Artist Profiles.
The platform’s total Monthly Active Users (MAUs) increased by 14%, reaching 626 million. It also reported 246 million Premium subscribers, while ad-supported MAUs saw a 15% rise, totaling 393 million.
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