Spotify – Spotify for finding the leading audiobook platform

In 2019, Spotify has announced The ambition to become the world’s leading audio platform with the expansion of podcasting through the acquisition of Anchor and Gimlet. Since then, Spotify has not only become a leading platform for podcast creators and listeners, but has also expanded into the format of podcasting: taking a certain format and making it a new audio experience. And today we take another step in this mission to shape the future of audio by announcing that Spotify has entered into a specific agreement to acquire Findaway, the global leader in digital audiobook distribution.

“Spotify’s ambition is to be the audio destination of everything for both listeners and producers. The acquisition of Findaway will accelerate Spotify’s presence in the audiobook space and help us fulfill those ambitions faster, “he said. Gustav Soderstrom, Spotify’s chief research and development officer. “We are excited to be able to combine Spotify’s expertise with Findaway’s team, the best-in-class technology platform and powerful audiobook catalog to revolutionize the audiobook space like music and podcasts.”

Findaway works with a platform and offer across the entire audiobook ecosystem that serves authors, publishers and consumers in this fast-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 that allow independent writers to create and bring their stories to life through the advanced technology tools available. We plan to build a significant Findaway innovation in space, and we’re going to supercharge its growth to innovate in what is known about Spotify’s personalization and discovery, as well as format, delivery, creator tools, and more.

Together, Spotify and Findaway will accelerate Spotify’s entry into the audiobook space and continue to innovate in the industry, working to overcome current limitations and unlock better economic tools for manufacturers. Findaway’s technology infrastructure will enable Spotify to quickly scale its audiobook catalogs and innovate in the consumer experience, as well as provide new ways for publishers and authors to reach audiences around the world.

* Transaction terms were not disclosed. It is expected to close in the fourth quarter of 2021 and is subject to regulatory review and approval.

Future plans

We would like to warn you that some of the above statements represent “advance statements” as defined in section 27A of the amended United States Securities Act 1933 and section 21E of the United States Securities Exchange Act of 1934. Modified “will”, “expectation” and similar words for the purpose of identifying forward statements. The statements we make about the potential benefits of the acquisition and the expected completion time of the acquisition are examples of face-to-face statements, but not limited to. We intend to include this statement for the purpose of being covered by the provisions of the Safe Asylum Act and to comply with the provisions of the Safe Asylum Act for the far-sighted statements contained in the Private Securities Litigation Reform Act, 1995. Such far-sighted statements involve significant risks, uncertainties, and assumptions that actual outcomes may differ materially from our historical experience and our current expectations or assumptions, including not limited to U.S. securities and the risks outlined in our filing. Exchange Commission. We do not accept any obligation to update the foresight statement to reflect events or situations occurring after this date.

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