Spotify Bets on Audiobooks and AI to Drive Growth

Spotify recently launched audiobooks in select markets and is seeing positive early results, with plans to roll out in the US this winter.

CEO Daniel Ek is optimistic about the audiobook market growing with Spotify's entry into the space.

Spotify swung to a profit in Q3 after weathering subscription price hikes, seeing it as an inflection point.

Ek believes generative AI can help lower costs and scale audio advertising by generating thousands of tailored ads from one voice actor.

Spotify is experimenting with AI features like its AI DJ for personalized music recommendations and sees big potential in AI for audio ads.