Spotify has been working to expand its streaming reach beyond music, investing millions into the growing podcast market and recently partnering with Shopify, to feature artists’ merchandise directly on their profiles. Now Spotify is moving onto audiobooks.
Spotify has shared its plans to acquire the audiobook distributor, Findaway. Founded in 2004, Findaway is an audiobook distribution platform that connects audiobook creators with selling partners including Apple, Google, Scribd, Audible, Nook, and many more. The company also operates Findaway Voice, a platform that pairs authors with professional narrators for companies like Audioworks and Playaway.
Spotify has yet to share the financial terms of the deal but plans to bring in Findaway’s full team of about 150 employees. Spotify’s Chief Research & Development Officer, Gustav Söderström announced, “We’re excited to combine Findaway’s team, best-in-class technology platform, and robust audiobook catalog with Spotify’s expertise to revolutionize the audiobook space as we did with music and podcasts.”
This expansion into the audiobook industry would make Spotify a commercial bookseller and an audiobook publisher, a first for the music streaming platform.
Nir Zicherman, Spotify’s head of Audiobooks explained, “With this acquisition, the plan is to accelerate into the audiobooks space by expanding our platform.” Zicherman added, “As an industry, we think there’s massive potential and growth ahead for audiobooks. Combining Spotify and Findaway and their amazing team and their amazing tech, the idea is to realize that future faster than we ever could as separate companies.”
This is a strategic move by Spotify, as the audiobook industry is predicted to grow from $3.3 billion to $15 billion over the next five years.