Audible is an American online audiobook and podcast service that allows users to purchase and stream audiobooks and other forms of spoken word content. This content can be purchased individually or under a subscription model where the user receives "credits" that can be redeemed for content monthly and receive access to a curated on-demand library of content. Audible is the United States' largest audiobook producer and retailer. The service is owned by Audible, a wholly-owned subsidiary of Amazon.com, Inc., headquartered in Newark, New Jersey. History The company's first product was an eponymous portable media player known as the Audible MobilePlayer; released in 1997, the device contained around four megabytes of on-board flash memory storage, which could hold up to two hours of audio. To use the player, consumers would go online to the official Audible website, download the audiobook, and put it onto the player. In 1999, Microsoft invested $11 million into the company. On October 24, 1999, Audible suffered a setback when its CEO, Andrew J. Huffman, died. Development proceeded, however, leading to Audible licensing the ACELP codec for its downloads in 2000, and Amazon bought a 5 percent stake in the then-publicly traded company the same year. In 2003, Audible reached an agreement with Apple to be the exclusive provider of audiobooks for iTunes Music Store. This agreement ended in 2017 due to antitrust rulings in the European Union. Two years later, the service released "Audible Air", which allowed users to download audiobooks directly to PDAs and smartphones. Its content would update automatically, downloading chapters as required that would then delete themselves after they had been listened to. In 2006, the company released its A-List collection, which had famous works read by Anne Hathaway and Annette Bening. In 2007, CEO Donald Katz moved the company headquarters with 125 employees from suburban Wayne, New Jersey to Newark. The new headquarters was a high-rise building on One Washington Park. On January 31, 2008, Amazon announced they would purchase Audible for about $300 million. In April of that year, Audible began producing exclusive science fiction and fantasy audiobooks under its "Audible Frontiers" imprint. At launch, 25 titles were released. In May 2011, the service launched Audiobook Creation Exchange (ACX), an online rights marketplace and production platform. The platform was so successful that in 2012, Audible reported it had received more titles from ACX than from its top three audio providers combined.