Spotify is to add The streaming service announced a new audiobook-only subscription tier on Friday.
The company announced in a release that starting Friday, a new “audiobook access tier” will allow subscribers to listen to 15 hours of its audiobook catalog for $9.99 per month.
“This plan and one app experience allow listeners to continue listening to music and podcasts on a free, ad-supported service, making it a great option for literature lovers looking for more audiobook-focused content.” Spotify continued. release.
The audiobook-only plan is currently $1 cheaper than Spotify Premium, which offers 15 hours of audiobook listening and other benefits.
Spotify CEO Daniel Ek announced in December that the company plans to cut about 17% of its workforce in a third round of layoffs by the end of the year. Approximately 1,500 employees will be affected, according to the streaming service’s third-quarter earnings report. The company previously laid off about 600 employees in January 2023 and 200 members of its podcasting division in June 2023.
“Over the past two years, we have worked to build Spotify into a truly great and sustainable business, one that achieves our goal of becoming the world’s leading audio company and continues to drive profitability and growth into the future. ,” Ek said in a memo to employees.
“As I have said many times, we have made valuable progress, but there is still work to be done,” he added. “Economic growth has slowed dramatically and capital has become more expensive. Spotify is no exception to this reality.”
Spotify recently signed a new deal with controversial podcaster Joe Rogan for his podcast, The Joe Rogan Experience. The deal is estimated to be worth up to $250 million, according to the Wall Street Journal. Mr. Logan’s controversy includes comments on the COVID-19 pandemic, politics, and current events.
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