San Francisco: Music streaming giant Spotify has announced that it is set to acquire Findaway, a global leader in digital audiobook distribution, for an undisclosed price.
Findaway works across the audiobook ecosystem with a platform and offering that is expected to grow from $3.3 billion to $15 billion by 2027.
It has ambitions to be the destination for all things audio for both listeners and creators alike, said Gustav Sederstrem, chief research and development officer at Spotify. The acquisition of Findaway will accelerate Spotify’s presence in the audiobook space and help us meet that ambition more quickly.
With this new acquisition, Spotify will accelerate its entry into the audiobook space.
“We are excited to add the FindAway team, best-in-class technology platform and Spotify expertise to the strong audiobook catalogue, as we did with Music and Podcasts,” said Cedarstreme.
The company claims that FindAway’s technology infrastructure will enable Spotify to rapidly grow its audiobook catalog and innovate the consumer experience, while also providing publishers and authors with new avenues to reach audiences around the world.
The company plans to sell individual audiobooks to free and paid users, and to allow authors and publishers to use another payment processing platform and keep sales.
This quarter, Spotify added several major promotional partnerships, including those from OnePlus.
At the end of the third quarter, it had 3.2 million podcasts on its platform.
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