Spotify to acquire audiobook platform Findaway

Spotify is bolstering its services by diving into audiobooks with the acquisition of Findaway, a global leader in digital audiobook distribution.

Spotify didn’t mention any figures for the acquisition but said that it will accelerate the company’s entry into the audiobook space. Findaway’s technology infrastructure will also enable Spotify to quickly scale its audiobook catalog and innovate on the experience for consumers, as well as provide new avenues for publishers and authors to reach audiences around the globe. The company said that the audiobook industry is expected to grow from USD 3.3PHP 194INR 280EUR 3CNY 24 billion to USD 15PHP 880INR 1,271EUR 14CNY 109 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 & Development Officer. “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.”

Terms of the transaction were not disclosed, but are expected to close in the fourth quarter of 2021 and are subject to regulatory review and approval.