Just yesterday Spotify announced its plans to acquire the famous Findaway audiobook company. An announcement following the one released by the platform earlier this year regarding the possibility for users to have access to more than 500,000 audiobooks through a partnership with Storytel Group. Now, however, the music streaming platform is banking on the acquisition of Findaway to expand its offer. On the other hand, the company has been described as the “global leader in the distribution of digital audio books”.
Findaway: The audiobook company acquired by Spotify
Findaway is a company that offers tools for authors, publishers and consumers. And that has helped independent writers share their stories with a wider audience. Now, however, the company seems to have been acquired by Spotify at a price not yet known. As noted by the company, the audiobook industry is expected to grow from $ 3.3 billion to $ 15 billion by 2027. Therefore, it’s no surprise that Spotify is so interested in this segment.
“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 budget tools for creators. Findaway’s technology infrastructure will enable Spotify to rapidly expand its audiobook catalog and innovate the consumer experience, while providing new avenues for publishers and authors to reach audiences around the world. ”
But the music streaming platform isn’t alone in investing in audiobooks. Apple is also launching audiobooks to promote Apple TV + shows, as well as promoting content from some popular musicians on Apple Music. In short, the audiobook sector is making itself heard. And Spotify couldn’t not answer the call. Now it remains to be understood how the platform will integrate the service for its users, but we are confident that it will do so in the best possible way.