Spotify collects audiobook platform

The Future. Spotify is moving into audiobooks with the acquisition of Findaway… further expanding its footprint into all things audio. After recently announcing its rollout of hyper-specific micro charts, Spotify could be spurring regional authors to mainstream success.

New chapter
In its quest to diversify its audio business, Spotify is getting into audiobooks.

• The streamer is acquiring audiobook company Findaway for an undisclosed sum.
• Findaway has both a self-service platform and a full-service platform.
• The self-service option connects authors with narrators and distribution tools.
• The full-service option is mostly used by major publishers to help get their audiobooks off the ground.

The deal is expected to close later this year.

Storytime
Over the past couple of years, Spotify has been transitioning away from focusing solely on music to increase revenue, first moving into podcasting (which has been an ad-revenue goldmine). Now with audiobooks, Spotify is opening up another lane to fulfill its “ambition to be the destination for all things audio both for listeners and creators,” according to chief research and development officer Gustav Söderström.

With Findaway, Spotify also opens up another rivalry with Amazon’s Audible. The two industry giants are both already going head-to-head in the podcast space.