Khaberni - Spotify announced its entry into the field of selling printed books through its streaming platform, a move that goes beyond its usual activity in music, podcasts, and audiobooks, and opens a new door for it in the world of cultural content.
According to the company, Spotify will start selling printed books through a partnership with Bookshop.org, a specialist in online retail book sales, in a move that marks a noticeable shift in the company's strategy, which had previously focused only on audio content over the past years.
According to Reuters, this expansion is part of Spotify's effort to enhance its tools and services, aiming to compete more strongly with streaming platforms belonging to leading technology companies, primarily Apple and Amazon, both of which have a strong presence in the digital content and book market.
Spotify launched its audiobook service two years ago, achieving notable results; the company indicated that the number of new listeners had increased by 36% compared to the previous year, while listening hours increased by 37%, according to data cited by Reuters.
Launch date and selling mechanism
The company mentioned that the feature of purchasing printed books will begin to appear during the spring for users in the United States and Britain.
Bookshop.org will be responsible for pricing, storage, and fulfilling orders, while Spotify will earn a commission for purchases made from within its app.
This move comes at a time when sales of printed books are slowing, due to an increasing number of users turning towards eBooks and other digital content sources, raising questions about the chances of success of the new experience in a market experiencing rapid transformations.
Subscription hike and stock market impacts
On another note, Spotify announced a one-dollar increase to its premium monthly subscription, raising it to $12.99 in the United States, Estonia, and Latvia.
Following these developments, the company's stock fell by 4.5%, despite having risen by nearly 30% over the past year, according to data from Reuters.
