Music streaming giant Spotify is set to acquire Findaway, a global leader in digital audiobook distribution.
Findaway works across the entire audiobook ecosystem with a platform and offerings that serve authors, publishers, and consumers of this rapidly growing industry, which is expected to grow from $3.3 billion to $15 billion by 2027.
“The acquisition of Findaway will accelerate Spotify’s presence in the audiobook space and will help us more quickly meet that ambition,” Gustav SAderstrAm, Spotify’s Chief Research and Development Officer, said in a statement.
Findaway’s technology infrastructure will enable Spotify to scale its audiobook catalog and innovate on the experience for consumers, providing new avenues for publishers and authors to reach audiences.
The company plans to sell individual audiobooks to free and paid users and allow authors and publishers to use another payment processing platform and keep the sales.
Spotify recently reached 381 million monthly active users (MAUs) in its third quarter (Q3), a 19 percent growth (on-year). At the end of Q3, Spotify had 3.2 million podcasts on the platform (up from 2.9 million at the end of Q2).