Dear Don Katz (Founder and CEO of Audible).
How much of my money do you want?
How much would I have to pay you to create a Spotify for Audible? An all you can listen to audiobook monthly subscription?
It is fine with me if I don't own the audiobooks. If I stop paying I lose the right to listen to anything that I've listened to before. No worries.
You can lock-me-in. Have my credit card number and charge it monthly for my whole life. I'm no MBA, but that's got a be a good business model.
Why am I willing to give you my money if you give me unlimited access to the Audible library?
Reading Risk Taking: My audiobook buying patterns are sort of middle-of-the-road. Audible credits are precious. Remove the scarcity equation and I'll listen to books outside of my comfort zone. I'll sample. I'll explore. I'll become a more adventurous audiobook listener.
Multi-Format Reading: Give me an all-you-can eat Audible audiobook option and I guarantee you that I'll buy more Kindle books. For every audiobook that I have I'll probably want the e-book option. Since the marginal cost of reading another audiobook will be zero I'll be more inclined (predictably irrational I know) to spring for that Kindle e-book. Good business for you.
Free Marketing: With an unlimited audiobook subscription I'll not only listen to more books, I'll talk more about them. Listening to audiobooks will become as routine as listening to NPR once was. I'll be a brand ambassador / free marketing platform (hello social media) for your service.
More Money for Authors, Publishers, and Narrators: A subscription model will grow Audible revenues. You will bring in new audiobook listeners and these listeners will stay with you longer. This is money that you will pass along to authors, publishers and narrators. Everyone will win.
Go ahead Mr. Katz - name your price.
You already have my credit card on file.
Read more by
Opinions on Inside Higher Ed
Inside Higher Ed’s Blog U
What Others Are Reading