Apple rumored to be working on new audiobooks service

Apple is reportedly working on a new audiobooks platform to join the company’s growing list of subscription services, according to a report from The Economist (via 9to5Mac) that takes a look at Apple’s continued efforts to rival the likes of Amazon and Netflix.
The brief report mentions how “there is talk of an audiobooks service later this year,” which suggests Apple will expand the Apple Books service to offer customers a new option that presumably would give access to a wide selection of different audiobooks for one single monthly fee.
Apple Books already sells audiobooks, but these are one-off purchases, similar to the iTunes Store compared to Apple Music.
Discussing Apple’s expansion into paid media services, The Economist says:
In the past couple of years Apple has made smaller media bets including Arcade, a subscription gaming package, News+, a publishing bundle, and Fitness+, which offers video aerobics classes. There is talk of an audiobooks service later this year.
The report doesn’t go into any further details on the rumored new audiobooks platform, leaving a lot to the imagination.