Spotify steps up its game by acquiring Findaway.

Spotify, the Sweden-based company, Thursday, November 11 announced its plan to acquire well-known US-based audio tech company Findaway. The company operates multiple businesses, including distributing audiobooks to various platforms and offering audiobook creation services under its Findaway Voices business. 

The company pairs authors with storytellers, which could become a valuable new source of income for Spotify. It also turns Spotify into a commercial bookstore and audiobook publisher.

Findaway, which has partnerships with audiobook publishers such as Amazon’s Audible, Apple iBooks, Google, and Storytel, offers a global audiobook catalog. It also owns Voices, which helps authors to self-publish.

Spotify confirmed that it has reached an agreement to acquire Findaway, which is described as a “global leader in digital audiobook distribution.” Findaway offers tools for authors, publishers, and consumers, and it has been very important in helping independent authors share their stories.

Spotify’s total monthly active users rose 19 percent to 381 million in the latest quarter with revenue of about EUR 2.5 billion euros (roughly Rs. 21,278 crores).

This announcement of the streaming giant came after its earlier partnership with the storyteller group which will allow the users of the streaming service to gain access to over 500,000 audiobooks.

As noted by the company, the audiobook industry is expected to grow from $3.3 billion to $15 billion by 2027, so it’s no surprise that Spotify is so interested in this segment. Terms of the transaction, which are expected to close in the fourth quarter, were not disclosed by Spotify.

“With this acquisition, we’re going to be able to accelerate the addition of an audiobook catalog onto the platform so that users can effectively get all of the audio content that they want all on one platform,” says Nir Zicherman, head of audiobooks at Spotify.

Zicherman also says that Spotify’s main app will likely get more audiobooks in early 2022 when certain open access associations start distributing content there. (Storytel, a major audiobook streaming app, is an initial partner.)

 However, these moves aren’t the first to signal Spotify’s interest in the audiobook space. He worked with YouTubers and celebrities in January to distribute readings for classic books, like Frankenstein, and also partnered with J.K. Rowling’s Wizarding World to launch Harry Potter and the Philosopher’s Stone in audio form.

About Findaway.

Findaway, which is described as a “global leader in digital audiobook distribution.” Findaway offers tools for authors, publishers, and consumers, and it has been very important in helping independent authors share their stories.

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.

Post-acquisition, Findaway will maintain its headquarters in Solon, Ohio, and will continue to be led by Findaway founder and CEO Mitch Kroll, who will report to Nir Zicherman, Spotify’s head of audiobooks. “Together with Spotify we have the opportunity to innovate and democratize the audiobook ecosystem,” Kroll said in a statement.

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