Spotify Expands Into Audiobooks With Findaway Acquisition
Spotify has acquired audiobook services and distribution company Findaway, as it expands into the sector.
The music and audio streaming service announced its purchase on 11th November, though the terms of the transaction were not disclosed. The deal is expected to close in the fourth quarter of 2021, subject to regulatory review and approval.
Findaway, based in Ohio, has partnerships with audiobook publishers including Audible, Apple iBooks, and Swedish audio service Storytel, in addition to Voices, a self-publishing audiobook software, which Findaway owns.
“It’s Spotify’s ambition to be the destination for all things audio both for listeners and creators," said Gustav Söderström, Spotify’s chief research and development officer. "The acquisition of Findaway will accelerate Spotify’s presence in the audiobook space and will help us more quickly meet that ambition.
“We’re excited to combine Findaway’s team, best-in-class technology platform, and robust audiobook catalog with Spotify’s expertise to revolutionize the audiobook space as we did with music and podcasts."
Spotify's total monthly active users rose 19% to 381 million in the latest quarter with revenue of roughly €2.5bn (£2.1bn). In 2019, the platform moved into podcasting through the acquisitions of Anchor and Gimlet - the latter reportedly cost the company $230m (£172m) to buy. The company is tipped to overtake Apple as the largest podcast provider by the end of this year.