Spotify is to acquire audiobook platform Findaway, a global leader in digital audiobook distribution, for an undisclosed amount. 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 catalogue 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. Spotify stated that it planned to build on Findaway’s significant innovation in the space bringing everything it knows around personalization and discovery while also innovating on format, delivery, creator tools, and more.
In 2019, Spotify announced its ambition to become the world’s leading audio platform with an expansion into podcasting through the acquisitions of Anchor and Gimlet. Since then, Spotify has not only become a leading platform for podcast creators and listeners, but also expanded on the format of podcasting itself: taking a fixed format and making it a new audio experience. The streamer believes it has taken a further step in this goal by its acquisition of Findaway.
Gustav Söderström, Spotify’s Chief Research & Development Officer said, “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. 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.”
Spotify added that Findaway’s technology infrastructure will enable it to quickly scale its audiobook catalogue and innovate on the experience for consumers, simultaneously providing new avenues for publishers and authors to reach audiences around the globe.
