Spotify buys digital audiobook global leader Findaway

KUALA LUMPUR, Nov 12 -- Spotify Technology S.A. (the company) has announced entering into a definitive agreement to acquire Findaway, a global leader in digital audiobook distribution. Terms of the transaction were not disclosed.

Together, Spotify and Findaway will accelerate Spotify’s entry into the rapidly growing audiobooks industry, enabling faster innovation and bringing audiobooks to Spotify’s hundreds of millions of existing listeners.

Findaway’s technology infrastructure will enable Spotify to quickly scale its audiobook catalogue and innovate on the experience for consumers, simultaneously providing new avenues for publishers, authors and independent creators to reach new audiences globally.

According to a statement, the acquisition positions Spotify to revolutionise the space in the same way as music and podcasts, powering content to reach a wide audience on its global platform.

“It is Spotify’s ambition to be the destination for all things audio both for listeners and creators. The acquisition of Findaway will accelerate Spotify’s presence in the audiobook space and will help us more quickly meet that ambition,” said Gustav Söderström, Spotify’s Chief Research & Development Officer.

“We’re excited to combine Findaway’s team, best in class technology platform, and robust audiobook catalogue, with Spotify’s expertise to revolutionise the audiobook space as we did with music and podcasts.”

Meanwhile, Findaway Founder & CEO, Mitch Kroll said: “Together with Spotify, we have the opportunity to innovate and democratise the audiobook ecosystem.”

Kroll will report to Nir Zicherman, Head of Audiobooks at Spotify, with the transaction expected to close in the fourth quarter of 2021.

-- BERNAMA