Spotify is excelling in a new feature – and it’s not music

Spotify is eyeing a new sound-based frontier: audiobooks.

The music streaming company held its second Investor Day event on Wednesday, where CEO Daniel Ek revealed the company’s new foray into the world of audiobooks, calling it a “big opportunity.” Ek said he wants to compete with the other “key player who dominates the space,” referencing Amazon and its audiobook platform, Audible, which is the only rival of note.

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