Politics
Audiobooks are booming thanks to streaming subscriptions
The most popular musicians on Spotify this week included many familiar names, from Lady Gaga to Bruno Mars to Billie Eilish. But some unexpected stars, including Jane Austen, JRR Tolkien and Boris Johnson, also featured prominently in streaming platform charts.
Spotify, better known as a music streamer, is now in the business of audio of all kinds. A year ago, the company began offering customers on its paid tier 15 free hours of audiobooks, the equivalent of about a book and a half, per month. The plan has since been rolled out in ten predominantly English-speaking markets; rock and pop are now jostling for a place in the charts alongside fantasy and politics (Autobiography of Mr. Johnson encompasses both).
This month, Amazon announced that it would follow Spotify's lead and give subscribers to its music streaming service access to audiobooks, with one free book per month from Audible, its sister company. Amazons Music Unlimited has just over a third fewer subscribers than Spotify, which has 252 million worldwide. But at Audible, it is by far the dominant player in the audiobook space, accounting for more than half the market.
Amazon's decision promises to fuel the audiobook boom. Sales so far this year are 27% higher than during the same period in 2023, according to the Association of American Publishers, a trade body, helped by Spotify's entry into the market. Once something of a footnote in the publishing world, audiobooks now represent 12% of the U.S. consumer book market, a larger share than e-books (see chart).
Streaming is frowned upon by many musicians and record labels, who miss the days when listeners bought CDs for $15 apiece rather than streaming tracks for a fraction of a cent each. Book publishers are more enthusiastic. Music bosses would kill for the deal we made, boasts one, who claims that streaming on Spotify brings in about the same income as a physical book sale, once that a fairly low listening threshold is reached. Streaming platforms also attract new readers by directing them to books related to podcasts they enjoyed.
The audiobook boom has given a particular boost to certain types of authors. Spotify says its subscribers are using their free hours to try less safe choices. If they are not entered after a few minutes, they can move to another title at no cost. Audiobook consumers tend to be young and male, which is reflected in the many non-fiction and self-help titles on the Spotify charts. Publishers have long feared that the digital world is driving readers away from books. Now, for once, this might help.
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