Music streaming service Spotify plans on acquiring Findaway
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).
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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