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Spotify seeks to boost audiobooks business with Findaway acquisition

Spotify seeks to boost audiobooks business with Findaway acquisition
Spotify seeks to boost audiobooks business with Findaway acquisition

Spotify has recently been looking to expand beyond just music by investing millions to promote its podcasts feature. The Swedish streaming platform has now set its sights on another form of audio content with the acquisition of digital audiobook distributor Findaway.

As per the agreement between the two companies, Spotify will bring in Findaway’s entire team of around 150 people. It will further build on Findaway’s current investments in the audio industry while working towards providing Spotify’s 381 million monthly active users with access to a massive number of audiobooks.

Founded in 2004, Findaway’s vision has been to make more audiobooks available for listeners worldwide. Presently, the company operates a pool of brands & products led by its audiobook distribution business which connects content creators to reseller partners like Google, Apple, Scribd, Audible, and several other global brands.

Findaway’s major brands include Findaway Voices, which allows authors to find professional narrators; Playaway, a service that provides preloaded audiobook products to schools and libraries; and Orange Sky Audio, which works to bring diversified audio catalogs for users.

Head of Audiobooks at Spotify, Nir Zicherman, explained that Spotify users tend to switch to other platforms to listen to audiobooks and the company wants to retain them in the Spotify app itself.

He further added that initially, users will be able to leverage the company’s newly introduced Open Access Platform technology (OAP) to use existing credentials and access audiobooks from Findaway and other audiobook brands.

The OAP technology enables publishers to be flexible with the manner in which their content is sold, so as to suit their business models. This will allow users to unlock and listen to audiobook content on Spotify going forward.

Previously, the company had announced a partnership with audiobook app Storytel in May 2021. The deal enabled Spotify users to access Storytel audiobooks through Spotify’s app, which is also powered by OAP.

Findaway’s acquisition is expected to be finalized in the fourth quarter this year and will be subject to regulatory terms and conditions.

Source Credits –

https://techcrunch.com/2021/11/11/spotify-expands-into-audiobooks-with-acquisition-of-findaway/

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.