Spotify does not turn into audiobooks with the acquisition of Findaway
Spotify is acquiring Findaway, a digital audiobook distributor, as the streaming giant looks to be bringing opportune sound into 'a new entertainment category'.
The transaction is expected to close in the fourth quarter of 2021, as long as regulatory review and approval is made.
The move will put Spotify in direct competition with Audible, the biggest player in the audiobook space.
According to Spotify, Findaways technology infrastructure will allow the company to scale its audiobook catalog and innovate on the experience for consumers while providing new avenues for publishers, authors and independent creators to reach new audiences around the world.
With Findaway, Spotify expects to revolutionize the audiobook space as we did with music and podcasts, said Gustav Soderstrom, the chief R&D officer of Spotify. It is Spotifys ambition to be the destination for all things audio as well as for listeners and creators. The acquisition of Finder will accelerate Spotify's presence in the digital space and help us more quickly meet that ambition.
The company operates AudioEngine, a business-to-business audiobook marketplace and Findaway Voices.
After acquisition, Findaway will maintain its headquarters in Solon, Ohio, and continue to be led by Finda founder and CEO Mitch Kroll, who will report to Nir Zicherman, Spotifys head of audiobooks. Together with Spotify we have the opportunity to innovate and democratize the audiobook ecosystem, Krolled said.