Spotify takes on Amazon’s Audible, launches audiobook service for US users

Spotify Technology SA is locking horns with Amazon.Com Inc’s Audible, with the launch of its audiobook carrier within the United States.

Spotify customers inside the country may have get entry to to over three hundred,000 audiobook titles, the Swedish firm said in a weblog on Tuesday.

Users could be able to browse the catalog on the Spotify app and purchase thru the internet site, it added, similar to the acquisition of Spotify subscription.

The audiobooks marketplace turned into envisioned at $four.8 billion in 2021 and become anticipated to grow at approximately 14% compound annual boom price to $9.3 billion by using 2026, consistent with media consultancy Omdia.

Spotify has charted an aggressive enlargement path as it appears to supplement its profits from music streaming with different revenue-generating codecs along with podcasts, on which it has spent extra than $1 billion to add popular names including Joe Rogan to its roster.As the Twitter whistleblower Peiter Zatko turned into telling US lawmakers of “egregious” security failings on the enterprise remaining Tuesday, shareholders in the social media platform overwhelmingly voted to hand the ones problems over to a person else: Elon Musk.

It is not going that the Tesla CEO, who owns more than nine% of Twitter and agreed to buy the company in April, became a number of the ninety nine% of balloting shareholders who sponsored that $44bn (£38.5bn) deal, given he’s now decided to abandon it. A Delaware decide will decide at a tribulation beginning on 17 October whether or not Musk receives to stroll away, or be pressured to accumulate the business at the terms that he had agreed upon.

Hedge funds, financial companies that like to take huge bets on certain marketplace consequences, additionally seem like on the side of (the majority of) Twitter shareholders.

David Einhorn, founder of the Greenlight Capital fund, sold a brand new stake in Twitter closing month reflecting his view that the Delaware chancery court will “follow the law” and “follow it right here” by using forcing Musk to complete the deal at $fifty four.20 (£forty seven.Forty six) a proportion. Pentwater Capital Management, a hedge fund that have become a considerable shareholder in Twitter this yr, has also said it expects Twitter to be successful.

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