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.
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