What are their plans? Spotify makes a major investment.
Previously, Spotify focused only on music streaming, then slowly began to open up in other directions, such as podcasts and audiobooks. A significant acquisition now evidences the latter.
Spotify has invested hundreds of millions of dollars in building its podcast business to expand beyond music. Now it is also opening up towards audiobooks: it recently acquired a company called Findaway in Ohio, founded in 2004.
The creed of this company is that with the power of the spoken word, audiobooks can change the world, and perhaps it already follows from this that it is a company that distributes digital audiobooks. And not just about anything: Findaway can claim the largest selection of audiobooks distributed.
It is not the first time that Spotify has tried to do so in this area: it has previously made nine exclusive audiobooks available on the platform. Last summer, it offered a job offer for the position of audiobook manager. And last week’s announcement of Findaway’s acquisition has now brought certainty.
“We look forward to combining the Findaway team, the best-in-class technology platform, and robust audiobook catalog with Spotify’s expertise to revolutionize audiobook sharing, as we have done with music and podcasts,” said Gustav Söderström, research, and development at Spotify.
Director of Development. He added that they would build on Findaway’s significant innovation, adding everything Spotify knows about personalization and discovery while innovating in format, visualization, creative tools, etc.
Findaway’s technology infrastructure allows Spotify to quickly expand its audiobook catalog and innovate the consumer experience while providing new avenues for publishers and authors.
Spotify will take over the entire Findaway team of approximately 150 people. It also plans to give extended access to audiobooks to its 381 million active users per month. However, there is no information yet on when to launch this service.