Spotify plans to make audiobooks the third pillar of its business, behind music and podcasts, and sees $70 billion a year opportunity in them.

The streaming platform held its annual meeting with investors, marked by the intervention of Spotify’s founder and CEO. daniel annexIt was later published on the website.

The appendix noted that the global book market is valued at approximately $140 billion. The figure includes print books, eBooks and audiobooks, representing only 6% to 7% of this market share.

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The executive estimates Spotify is facing a $70,000 million annual opportunity.

He expects audiobooks on Spotify to have “healthy margins” of over 40% and be a profitable business for the company.

The founder of the platform supported his speech by reminding that the audiobook distributor Findaway, which is pending the approval of the Antitrust department of the United States Department of Justice, was purchased.

He suggested adding audiobooks to the freemium business model to make it a sustainable business.

Ek also stressed that her entry into the audiobook business will “help expand the market and create value for users and content creators.”