Spotify has shared more of its plans of adding audiobooks to its platform with the announcement of its acquisition of Findaway, a digital audiobook distribution company.
Reports indicate that the company wants to expand to audiobook creation, the sale of audiobooks, and even audiobook discovery.
Its expansion to audiobooks is Spotify's latest effort to be more than just a music streaming service. The app currently includes podcasts as well, which became possible due to the acquisition of different podcast-related companies.
Spotify Acquires Findaway
Spotify is planning to add audio audiobooks to its app and one way the company plans to go about it is through its acquisition of digital audiobook distribution company Findaway.
"Today we are taking another step in furthering this mission to build the future of audio by announcing that Spotify has entered into a definitive agreement to acquire Findaway, a global leader in digital audiobook distribution," Spotify said in a statement posted on its official website.
Spotify's Chief Research & Development Officer, Gustav Söderström, said that the company's acquisition of Findaway will accelerate Spotify's presence in the audiobook scene. Söderström has likewise expressed the excitement to work with Findaway's team, technology platform, and audiobook catalog.
According to a report by Gizmodo, Spotify's acquisition of Findaway "reportedly goes beyond simply distributing audiobooks and may also include audiobook creation services."
The report says that Spotify is likewise planning to sell audiobooks both to free and paid users. The company is also reportedly planning to "allow authors and publishers to use another payment processing platform and keep the sales."
Gizmodo also added that the app is also planning to work on audiobook discovery.
Related Article: Spotify Audiobooks First Collection Features Voices of Hilary Swank, Forest Whitaker, David Dobrik, and MORE
What is Findaway?
The Spotify statement describes Findaway as a company that has offerings that cater to audiobook authors, publishers, and listeners.
Findaway offers the largest catalog of distributed titles as well as technology tools for independent authors that can help them create their own audiobooks.
With the audiobook industry expanded to grow to $15 billion by 2027, it is no surprise that Spotify wants to tap into the market as it aims to be the go-to destination for all things audio.
Spotify Expands Beyond Music
Spotify's plans to add audiobooks to its platform is the company's latest effort to go beyond being just a music streaming service.
In 2019, Spotify expanded to include podcasts in its app with the acquisition of Anchor and Gimlet. Back in June, it acquired another podcast platform called Podz. Podz was acquired to help with podcast discovery on the app.
Spotify recently claimed it is now the top podcast provider in the United States, surpassing Apple.
Read Also: Spotify Could Take on Apple Podcasts in Number of Users, Analyst Says
This article is owned by Tech Times
Written by Isabella James
