Spotify has closed the acquisition of digital audiobook distribution firm Findaway.
The corporate entered right into a definitive settlement to accumulate Findaway in November 2021. The phrases of the transaction weren’t disclosed.
Spotify’s buyout of Findaway positions the corporate to have the ability to compete in an audiobooks sector at present dominated by the likes of Audible, which was acquired by Amazon for $300 million in 2018.
Spotify says that Findaway’s know-how will assist it compete in “the quickly rising audiobooks trade with substantial market alternative”:
SPOT notes that the audiobooks market “is anticipated to develop from $3.3 billion to $15 billion by 2027”.
Spotify says that Findaway gives the “largest catalog” of distributed audiobook titles.
The latter firm, in line with Spotify, additionally gives “know-how instruments that impartial authors can use to publish and distribute their tales to new audiences”.
Spotify provides that it plans “on accelerating the expansion of those instruments, with the objective of scaling and increasing the audiobooks market total”.
Within the media assertion saying the closing of the deal, Spotify says that Findaway’s know-how infrastructure will allow it “to shortly scale its audiobook catalog”.
This week, Spotify additionally introduced that it’s shopping for London-based Sonantic, an AI voice platform that claims to have the ability to create “compelling, nuanced, and stunningly practical voices from textual content”.
“We imagine that audiobooks, of their many various varieties, can be a large alternative.”
Talking on the Spotify Investor Day, the corporate’s CEO, Daniel Ek, stated: “We imagine that audiobooks, of their many various varieties, can be a large alternative.”
Added Spotify’s World Head of Audiobooks, Nir Zicherman, in his 2022 Investor Day presentation: “We imagine this presents a novel alternative to introduce music and podcast listeners around the globe to audiobooks and drastically broaden that market.”Music Enterprise Worldwide