In the 25 years since Don Katz launched Audible as a pioneering audiobooks service, the audio space has become flooded with content. It’s easier than ever to record a podcast in your bedroom and reach a large number of listeners over social media. Rather than try to chase the widest possible audience, Audible—which was acquired by Amazon for $300 million in 2008 and now reaches millions of listeners around the world—is doubling down on creating exclusive, prestigious content that users won’t be able to get anywhere else.