Spotify expands in audiobooks with the acquisition of Findaway

Spotify expertise SA agreed to accumulate Findaway, an audiobook firm that provides the Swedish streaming big further merchandise to market alongside music and podcasts.

Findaway is a distributor for a lot of audiobook providers, publishers and authors, and can proceed to serve them after the deal closes, the businesses stated Thursday. Monetary phrases weren’t disclosed.

The acquisition marks Spotify’s most vital funding in audiobooks, and is the newest signal of its ambition to develop past a music app to turn out to be the default service for audio of every kind.

“The aim is for Spotify listeners to have the ability to purchase any audiobook on the planet,” stated Gustav Soderstrom, the corporate’s chief analysis and improvement officer. “In case you are a real crime podcast junkie, you might be shopping for true crime audiobooks as nicely.”

Spotify has experimented with audiobooks for a few years, providing some titles within the public area, like “Jane Eyre,” at no cost. The corporate additionally offered an audiobook from journalist Malcolm Gladwell. It has spent billions of {dollars} shopping for podcast studios and expertise.

The corporate expects the acquisition to shut this 12 months, at which level it would start including extra audiobooks to its service. Publishers and authors working with Findaway should comply with distribute on Spotify.

Spotify will promote particular person audiobooks to all of its customers. Authors and publishers who use their very own fee processing expertise will have the ability to maintain all the gross sales, whereas those that use Spotify’s expertise will share the income. Particular person authors will have the ability to self-distribute books.

See also  Alligator who survived Berlin WWII bombing dies at 84

Findaway will keep its headquarters in Solon, Ohio, and can proceed to be led by founder and Chief Govt Officer Mitch Kroll. Inc.’s Audible is the dominant participant in audiobooks. Spotify hopes to compete by placing books in entrance of its almost 400 million listeners.