Spotify wants to get into the audiobook industry in style and it does so by announcing its plans to acquire the Findaway platform. Terms of the deal were not disclosed.
Gustav Söderström, Spotify’s Chief Research & Development Officer released a statement on:
We are thrilled to combine the Findaway team, the best technology platform with a solid audiobook catalog, with the expertise of Spotify to revolutionize the audiobook industry as we have done with music and podcasts.
According to Spotify, the audiobook industry is expected to grow from $ 3.3 billion to 15 billion dollars by 2027 and the company plans to leverage the Findaway acquisition to get a share. The company shared some details on what its audiobook product will look like. Spotify says it plans to innovate on “format, delivery, creator tools, and more“. It is worth noting that the company has dabbled with audiobooks in the past, for example with a “Harry Potter” audiobook read by Daniel Radcliffe, launched in 2020.
Findaway, on the other hand, does not directly sell audiobooks to users. Instead, it works with other companies, giving them access to an extensive catalog of audio books, arguably the largest in the world. Findaway partners include Apple, Audible, Scribd, Google, Rakuten Kobo and Nook, among others.
Spotify says the acquisition will be finalized before the end of the year if it will be approved by the regulatory authorities.