Spotify is buying digital audiobook distribution and companies firm Findaway. The music streaming large didn’t disclose the monetary phrases of the deal however stated it expects the deal to shut earlier than the tip of this yr, “topic to regulatory overview and approval.”
Based on Spotify, the audiobook trade is presently valued at $3.3 billion however is predicted to develop to $15 billion by 2027. Findaway is a number one firm on this quickly rising trade. Based in 2004, it boasts over 325,000 audiobooks from publishers all around the world. These embody titles from among the largest publishing homes in addition to unbiased authors. It additionally helps greater than 80 completely different localized languages from numerous corners of the earth.
Findaway not solely distributes audiobooks but additionally offers instruments to creators. It claims to serve authors, publishers, and shoppers alike with its modern instruments and different choices. The Ohio-based firm has partnerships with among the largest names within the trade, together with Amazon, Google, and Apple.
Spotify now plans to construct on Findaway’s experience on this area and “supercharge its progress”. The corporate says it’s aiming to “take away present limitations and unlock higher financial instruments for creators.”
Spotify goals of turning into the last word audio vacation spot for all
Spotify has a robust foothold within the music streaming trade and is quickly constructing out its podcasts enterprise as effectively. It acquired podcast creation platform Anchor in addition to podcast community Gimlet in 2019 desiring to develop into the world’s main audio platform. Since then, the corporate has invested tens of millions in the direction of that purpose. Over the previous few months, Spotify launched a number of podcast-specific options together with a subscription service, transcriptions, polls, and extra. It’s now getting into the audiobooks trade with an excellent greater goal.
Based on Spotify’s Chief R&D Officer Gustav Söderström, the music streaming biggie goals to develop into the one-stop platform for “all issues audio,” each for listeners and creators. The corporate hopes the acquisition of Findaway to provide a much-needed enhance to this ambition.
“We’re excited to mix Findaway’s crew, best-in-class know-how platform, and strong audiobook catalog with Spotify’s experience to revolutionize the audiobook area as we did with music and podcasts,” Söderström stated in a press launch.
“Along with Spotify, we’ve the chance to innovate and democratize the audiobook ecosystem,” stated Mitch Kroll, Founder & CEO of Findaway. Kroll will proceed to guide the corporate from its present headquarters in Solon, Ohio. He’ll report back to Nir Zicherman, head of audiobooks at Spotify.