Spotify’s acquisition of Findaway, an American audio technology company, will greatly increase the number of audiobooks on the platform. Findaway cooperates with many audiobook publishers, such as Amazon Audible, Apple iBooks, Google, Storytel, and it provides audiobooks around the world. In addition, Findaway also has Voices, which allows authors to publish their own works.
The transaction is expected to be completed in the fourth quarter, and the terms were not disclosed. Spotify seems to want to replicate the successful experience in the podcasting field. Spotify entered the podcast market in 2018. It completed a series of acquisitions and is expected to surpass Apple to become the largest podcast provider by the end of this year.
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Spotify has previously partnered with Swedish audiobook streaming company Storytel to allow subscribers to listen to audiobooks. It also launched the Open Access Platform to facilitate publishers to convert content into streaming media formats.
In the most recent quarter, Spotify’s monthly active users reached 381 million, an increase of 19%, and revenue was approximately 2.5 billion euros ($2.87 billion). According to India’s report, the global audiobook market is expected to reach 9.3 billion U.S. dollars by 2026, and only 4 billion U.S. dollars in 2020.