Spotify Expands Offerings with New Feature for Purchasing Printed Books
Spotify, the audio streaming giant, has unveiled a new feature that enables users to purchase printed books directly through its application, in partnership with Bookshop.org, an online retail platform specializing in book sales.
This initiative signifies a notable expansion for the company, moving beyond its established focus on audiobooks to enhance competition with major tech firms like Apple and Amazon.
Spotify introduced its audiobook service two years ago and has seen considerable growth in this area, with a reported 36% increase in new listeners and a 37% rise in listening hours compared to the previous year, according to Reuters data.
The printed book purchasing feature is set to launch next spring in the United States and the United Kingdom, where Bookshop.org will manage pricing, storage, and order fulfillment, while Spotify will earn a commission on each in-app purchase.
This announcement comes at a time when global sales of printed books are declining, as more consumers shift towards e-books and other digital formats.
In a related development, Spotify has raised its premium subscription price by one dollar, bringing it to $12.99 in the U.S., Estonia, and Latvia.
Despite a recent 4.5% drop in the company's stock, shares have increased by nearly 30% over the past year.
With this new feature, Spotify aims to create a more comprehensive and interactive user experience, positioning itself as a digital hub for both audio and reading enthusiasts.
