Elon MuskCEO of Tesla (NASDAQ:TSLA) y SpaceXhas appreciated the growth of Spotify Inc. (NYSE:SPOT) in the audiobook sector.
What happened
On Tuesday, the CEO of Spotify, Daniel Ekheaded to X to offer an update to the platform’s audiobook feature, which was introduced a year ago for premium users.
Ek claimed that Spotify has paid hundreds of millions to publishers and doubled its catalog.
“Our catalog has doubled to reach 300,000 titles. “We know our listeners love bestsellers, but they are also very excited to discover top titles,” he stated.
Ek also highlighted that more than 58% of audiobook listeners are between 18 and 34 years old.
In addition, Spotify has expanded its audiobook service to non-English markets, such as France, Belgium, the Netherlands and Luxembourg.
Musk responded to Ek’s update with a simple, “Cool.”
Cool
— Elon Musk (@elonmusk) October 15, 2024
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Why is it important
In July, Spotify reported a 20% year-over-year increase in revenue for the fiscal second quarter of 2024, reaching $4,099 million, a figure that fell short of the analyst forecast of $4.17 billion.
Earlier this week, Spotify also expanded its music video feature to 85 more marketswith the aim of deepening the connection between fans and artists by combining sound and visual content.
Spotify has moved forward by introducing new features such as countdown pages, clips, and artist profiles.
The platform’s total monthly active users (MAU) increased by 14%, reaching 626 million. It also recorded 246 million Premium subscribers, while ad-supported MAUs increased 15% to a total of 393 million.
Photo courtesy of Shutterstock
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