Spotify increases audiobook stakes with purchase of Findaway

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Swedish music streaming giant Spotify on Thursday announced its latest purchase in its quest to diversify, with the takeover of audiobook distributor Findaway.

Launched in 2005, Findaway markets itself as the world’s largest audiobook catalog and works as a wholesaler with major companies such as Apple, Google, and Amazon’s Audible.

The company, based in Solon, Ohio, also provides audio content for production and editing services.

Global audiobook sales are expected to reach $ 4.8 billion in 2021 and double to $ 9.3 billion by 2026, according to research firm Omdia.

The Findaway acquisition is expected to be finalized by the end of the year. A price has not yet been announced.

The acquisition will help Spotify, which has already made a recent breakthrough in podcasting, accelerate its “presence in the audiobook space and help us respond to this ambition faster,” its chief research officer said. and development Gustav Soderstrom.

The purchase, which will make audiobooks available to hundreds of millions of Spotify users, will help the company “revolutionize the audiobook space as we have done with music and podcasts,” said he declared.

Spotify has made a few forays into audiobooks already and already has plenty of titles on its platform that aren’t sold separately.

In 2020, the company released a free audio version of the first volume of “Harry Potter,” which was read by stars such as Daniel Radcliffe, who played the bespectacled young wizard in the film.

In addition to diversification, the acquisition allows Spotify to better position itself against major competitors like Apple and Amazon, which also offer audiobooks.

tu / bfm / dw


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