Spotify has announced a new AI-powered tool for audiobook creation, leveraging technology from ElevenLabs, during its Investor Day event. This feature will enter beta testing in June and will initially support English. Authors will have the freedom to self-publish their audiobooks without being tied to exclusive contracts, allowing them to distribute their work on other platforms as well. The tool is part of Spotify's broader strategy to enhance its audiobook offerings, which have seen significant growth, with over 700,000 titles available and a 60% increase in listening hours year-on-year. Additionally, Spotify plans to expand its 'Spotify for Authors' platform to include 10 more languages, enhancing accessibility for a wider range of authors. The company has already recorded over a million Audiobook+ subscriptions, positioning itself to generate $100 million in annual recurring revenue. This move builds on Spotify's previous partnerships, including one with Google Play Books, and reflects its commitment to expanding its audiobook catalog and features for users.