Spotify announced the acquisition of audiobook distribution and services firm Findaway, as part of its ambition to be the destination for all things audio. Financial terms of the deal were not disclosed.
With the acquisition, Spotify aims to accelerate its entry into the audiobook space and scale its audiobook catalog.
“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,” said Gustav Söderström, Spotify’s Chief Research & Development Officer. “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.”
Founded in 2004, Findaway operates multiple businesses led by its large audiobook distribution business, including Findaway Voices that allows authors to access a network of sellers, Audioworks for building an audiobook catalog, Playaway, and more.
“Together with Spotify we have the opportunity to innovate and democratize the audiobook ecosystem,” said Findaway Founder & CEO Mitch Kroll. “We founded Findaway with the recognition of the power of the spoken word through audiobooks and the unique opportunity to empower storytellers and connect them with listeners. We look forward to combining our leading technology tools and world-class team with the reach of Spotify’s platform to provide an enhanced audio experience for creators, publishers and listeners around the world.”
The deal is expected to close in the fourth quarter of 2021 and is subject to regulatory review and approval.
Audiobook is not the only space that Spotify has entered to dominate audio vertical. The company, which aims to be the leading platform for podcast listeners and creators, had announced that it had acquired podcast advertising firm Megaphone in November 2020, and podcast discovery platform Podz in June this year.