In 2003, Audible reached an agreement with Apple to be the exclusive provider of audiobooks for iTunes Music Store. 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. On October 24, 1999, Audible suffered a setback when its CEO, Andrew J. ![]() In 1999, Microsoft invested $11 million into the company. To use, consumers would go online to the official Audible website, download the audiobook, and put it onto the player. ![]() The company's first product was an eponymous portable media player known as the Audible Player released in 1997, the device contained around four megabytes of on-board flash memory storage, which could hold up to two hours of audio.
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