Spotify has announced that it is buying audiobook platform Findaway, the company has not revealed how much it will be paying for the platform.
This could be a good purchase for Spotify as it will allow them to offer audiobooks as well as music and podcasts and could help them increase their subscriber numbers.
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. In addition to offering the largest catalog of distributed titles, Findaway has actively worked to democratize audiobooks through leading technology tools available for independent authors to create and bring their stories to life. We plan to build on Findaway’s significant innovation in the space, and we’re going to supercharge its growth, bringing everything Spotify knows around personalization and discovery while also innovating on format, delivery, creator tools, and more.
Together, Spotify and Findaway will accelerate Spotify’s entry into the audiobook space and continue to innovate the industry, working to remove current limitations and unlock better economic tools for creators. Findaway’s technology infrastructure will enable Spotify to quickly scale its audiobook catalog and innovate on the experience for consumers, simultaneously providing new avenues for publishers and authors to reach audiences around the globe.
You can find out more details about the deal between Spotify and Findaway over a their website at the link below.