Spotify to Acquire Findaway For Audiobook Space Expansion
Spotify has announced that it is set to acquire Findaway, a digital audiobook distribution for an undisclosed price. Findaway works across the entire audiobook ecosystem with a platform and offerings that serve authors, publishers, and consumers of this rapidly growing industry, which is expected to grow from $3.3 billion to $15 billion by 2027. “It’s […]
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Spotify has announced that it is set to acquire Findaway, a digital audiobook distribution for an undisclosed price.
Findaway works across the entire audiobook ecosystem with a platform and offerings that serve authors, publishers, and consumers of this rapidly growing industry, which is expected to grow from $3.3 billion to $15 billion by 2027.
“It’s Spotify’s ambition to be the destination for all things audio both for listeners and creators. The acquisition of Findaway will accelerate Spotify’s presence in the audiobook space and will help us more quickly meet that ambition,” said Gustav Söderström, Spotify’s Chief Research and Development Officer.
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With this new acquisition, Spotify will accelerate its ‘entry into the audiobook space.’
“We are excited to combine Findaway’s team, best-in-class technology platform, and robust audiobook catalogue with Spotify’s expertise to revolutionise the audiobook space as we did with music and podcasts,” added Söderström.
Findaway’s technology infrastructure will enable Spotify to quickly scale its audiobook catalogue and innovate on the experience for consumers, simultaneously providing new avenues for publishers and authors to reach audiences around the globe, the company claims.
The company plans to sell individual audiobooks to free and paid users and allow authors and publishers to use another payment processing platform and keep the sales.
