Spotify pushes itself into the audiobook business with the purchase of Findaway

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Spotify has announced plans to acquire the Findaway audiobook platform at an undisclosed price, strengthening its strategy in the audio content space.

Findaway is an audiobook services company that operates various businesses, including audiobook creation and distribution services. For example, the service pairs storytellers with audiobook authors.

“Spotify’s ambition is to be the destination for everything related to audio, for both listeners and creators. The acquisition of Findaway will accelerate Spotify’s presence in the audiobook space and help us meet that more quickly. ambition, “said Gustav Soderstrom, the company’s head of research and development.

In a Press release, Spotify announced that the acquisition will accelerate its “entry into the audiobook space”.

“Findaway’s technology infrastructure will enable Spotify to rapidly scale its audiobook catalog and innovate the consumer experience, while providing new avenues for publishers and authors to reach audiences around the world,” the company wrote.

Spotify said The Verge that the company’s main app is likely to get a larger audiobook catalog in early 2022, when other distribution partnerships begin bringing content to the platform. It is currently unclear how Findaway will affect the company’s broader audiobook strategy.

The acquisition is expected to close in the fourth quarter of 2021, subject to regulatory review and approval. Terms of the transition were not disclosed.

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