This article first ran in Hot Pod Insider, The Verge’s audio industry newsletter.
Spotify wants to make audiobooks the next pillar of its business. On Wednesday, company executives pitched the audiobooks business to investors as their next target for industry domination. When they launch the audiobooks vertical (which is TBD), it could have huge ramifications not only for Spotify’s own business, but for the publishing industry as well.
“We believe that audiobooks, in their many different forms, will be a massive opportunity,” Spotify CEO Daniel Ek said. “And just as we’ve done in podcasting, expect us to play to win.”
Spotify’s first big step into that business is its…