Spotify acquires Findaway in big step toward audiobook distribution

Following its minor dabbling on the planet of audiobooks, streaming audio firm Spotify has introduced its acquisition of Findaway, a digital audiobook distribution firm. Spotify, which initially targeted on music streaming, has made an enormous enlargement into podcasting over current years, resulting in rumors a few potential future transfer into audiobooks.

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Spotify has already dabbled in audiobooks, although it isn’t a distributor at this level. Earlier this summer time, for instance, the corporate launched 9 audiobooks for traditional works on its platform, together with titles like “Frankenstein” and “Nice Expectations.” The corporate had additionally beforehand launched an audio assortment of celebrities studying Harry Potter one chapter at a time.

In an announcement on Thursday, Spotify revealed that it has acquired Findaway, saying that this enterprise resolution represents “taking one other step into furthering” its effort to “construct the way forward for audio.” Spotify says it has penned a definitive settlement to purchase Findaway, enabling it to enter the audiobook market in a giant method and spherical out its audio choices.

Findaway boasts the biggest library of distributed audiobooks. Spotify plans to “supercharge” the distribution firm by including its personal know-how, together with ones associated to content material discovery and personalization, along with creating unspecified improvements for issues starting from creator instruments to delivering audiobooks to clients.

This acquisition makes it clear that Spotify goals to not solely supply music and podcasts, but additionally audiobooks which have largely been relegated to platforms like Amazon’s Audible. The audiobook market is anticipated to develop in recognition in the identical method podcasting has seen a resurgence.

It’s unclear when Spotify plans to launch its audiobook platform, however the firm urged as a part of its announcement that its Findaway acquisition will allow it to “rapidly scale” its new library.

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