This Spotify held an investor meeting to discuss some of the plans that the streaming platform is looking at to help drive revenue growth. One of those areas is audiobooks, with Spotify CEO, Daniel Ek, noting that it could soon become the third pillar of the platform’s business.

In recent years we have seen Spotify push into the podcast business with a decent amount of success despite some controversy involving Joe Rogan.

Now audiobooks are set to be added to the mix as Spotify will likely square off with Amazon-owned Audible to be the player in the market.

“So, several months ago, we announced the agreement to acquire Findaway, a global leader in audiobook distribution. And while we are still waiting for this deal to close, we believe that audiobooks, in their many different forms, will be a massive opportunity,” explained Ek during his Investor Day presentation.

“Just as we’ve done in podcasting, expect us to play to win. And, with one major player dominating the space, we believe we will expand the market, and create value for users and creators alike,” he added.

While the company did not divulge fully how it plans to dominate the audiobooks space moving forward, Ek did highlight that the Spotify algorithm will play a vital role in terms of recommendations for listeners, as well as utilising a “Freemium” model.

“And this third vertical of audiobooks further builds on our ambitions to be the destination for creators. While it’s still early, we expect audiobooks to also have healthy margins, above 40% and be highly accretive to the business. And here again, we will apply the same differentiating foundations of ubiquity, personalization, and Freemium to attract both creators and users, and drive engagement,” emphasised Ek.

Muck like Audible then, users may need to pay for access to an audiobook, but the precise method for engagement has not been disclosed at this time. Nor indeed is when Spotify plans to roll out this audiobook offering, so we will need to watch this space.

Also of interest is three more verticals that Spotify plans to add too, but this are simply named projects X,Y and X at this stage.