Spotify has announced that it has acquired the audiobook company Findaway.
Spotify has announced plans to acquire the popular audiobook company Findaway. It should also be noted that the announcement comes after the announcement earlier this year that users of the music service will gain access to more than 500,000 audiobooks through a partnership with the Storytel Group.
Spotify confirmed on its official blog that it has reached an agreement to acquire Findaway, which is described as “the world leader in digital audiobook distribution”. Findaway provides tools for writers, publishers and consumers, and has played an important role in helping independent writers share their stories.
The audiobook industry is expected to grow from $3.3 billion to $15 billion by 2027, as the company notes. So it’s not surprising that Spotify is so interested in this segment. It was not disclosed how much Spotify paid for this purchase.
Together, Spotify and Findaway will accelerate Spotify’s entry into the audiobook space, and work to remove existing limitations and unlock better affordable tools for content creators. Moreover, it is stated that Findaway’s technological infrastructure enables Spotify to quickly scale its audiobook catalog and innovate the experience for consumers. At the same time, new ways will be offered to publishers and writers to reach audiences around the world.
Let’s also note that Spotify offers the expected user blocking feature.
