Music streaming service Spotify plans on acquiring Findaway

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Spotify acquires Findaway | iTMunch

On 11th November, Sweden-based music and podcast streaming giant announced its plans of acquiring Findaway – an audiobook distribution company. Findaway is a firm that operates multiple businesses which also includes distributing audiobooks to multiple platforms. It also offers audiobook creation services via Findaway Voices. This acquisition will make Spotify both a publisher of audiobooks as well as a commercial bookseller. 

Making its way towards expanding beyond music, the music streaming service has been investing millions in building a strong presence in the podcasting business. And now, Spotify is all set its vision on yet another form of audio content, with the acquisition of audiobook distributor Findaway.

Spotify & Findaway have not made the financial terms of the deal public. The deal is is expected to close in the Q4 of 2021 (subject to regulatory review and approval)

About audiobooks distribution company Findaway 

Founded in the year 2004, the key focus of Findaway is on onboarding more audiobooks for listeners across the globe. Today, the company operates a vast array of brands as well as products that are led by its massive audiobook distribution business which connects authors and content creators with reseller partners like Google, Apple, Scribd, Nook, Audible, Rakuten Kobo, Storytel (a Spotify partner), Chirp, Overdrive, Audiobooks.com and many other international brands. 

Other well-known brands that are under the Findaway umbrella are Audioworks, (looks at the firm’s for producing audio for top publishers); Findaway Voices (connects authors with excellent, professional narrators); Playaway (brings preloaded audiobook products to schools & libraries); AudioEngine (offers tools and technology that enable developers for integration of a broad catalog of audiobooks in their own platforms) and Orange Sky Audio, (works to bring diversified audio catalog to listeners). 

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More on Spotify acquiring Findaway

Music streaming app Spotify will be bringing in the entire team of Findaway of about 150 employees. It plans on building on the existing investments of Findaway in the audio industry. Moreover, it plans on bringing expanded access to audiobooks to 381 million monthly active users of Spotify.

Spotify’s head of Audiobooks, Nir Zicherman said that with this acquisition, Spotify plans on accelerating into audiobooks by expanding their platform. He added that today Spotify users have to go to other platforms for listening to access audiobooks. The company wants to enable the audiobooks consumption to happen within the Spotify app itself, adds. 

Zicherman noted that as an industry, Spotify as a company thinks that there is massive growth potential ahead for audiobooks. By merging Findaway;s amazing team and tech with Spotify, the idea is to realize that future much faster than they ever could as separate entities.

The company also noted that the Findaway acquisition does not, in any way, signal a focus shift away from its commitment towards podcasts to chase a new industry of audio investment. Zicherman said that Podcasts will remain a key part of Spotify’s focus as a business.

“This is an expansion into a new content type that we know our consumers want, and, in many cases, are already listening to. We want to bring that on the platform so they can enjoy it on Spotify, as well,” he said. 

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Riddhi Jain is a technology content writer. She is based in India and has been working as a content writer since 2018. Riddhi has been writing content in the tech domain since May 2020 and can’t get enough of it. Riddhi has pursued most of her education from her hometown, Indore. She has graduated as a Bachelor of Business Administration and discovered her love for writing blogs while pursuing an internship during college. Once she discovered her love for writing, she went on to improve this skill set (and hasn’t stopped since). Riddhi’s writing relationship with iTMunch began in May 2020. This is where she developed a knack for writing content for the technology domain. She's an expert in tech content writing who has written over 700 blogs for iTMunch in just a year. Riddhi loves diving deep into tech sub-domains like financial technology, marketing technology, HR technology, Artificial Intelligence and gaming technology. She loves staying updated with the latest and upcoming trends in digital marketing, digital payments, fintech, gaming, web design and app development. She cherishes writing about futuristic technologies like blockchain and cryptocurrency, NFTs, Internet of Things, Facial Recognition, Machine Learning, Edge Computing, etc. Riddhi also likes to keep an eye on what’s going on with the tech titans like Google, Facebook and Apple. One of her major interests is in staying updated with the latest IT startups and the groundbreaking technologies they’re coming up with. When Riddhi is not writing content, she is binging on documentaries on Netflix (check out ‘The Great Hack’, ‘Seaspiracy’, and ‘What the Health’). She also likes reading books once in a while (Yuval Noah Harari and Michelle Magorian are some of her favorite authors). Riddhi also likes listening to podcasts like The Tim Ferriss Show (do listen to the ones with guest Naval Ravikant) and The Joe Rogan Experience.