Spotify Buys Audio Tech Firm Findaway to Bolster Audiobooks Business

Spotify made a serious push to have extra audiobooks on its platform on Thursday by shopping for American audio expertise firm Findaway because it tries to recreate its success with podcasts.

Findaway, which has partnered with audiobook publishers akin to Amazon’s Audible, Apple iBooks, Google, and Storytel, presents a world catalog of audiobooks. He additionally owns Voices, which helps authors self-publish.

“That is the primary large step … what we wish to obtain is that Spotify shoppers should buy any audiobook on Spotify and take heed to it,” mentioned Gustav Sderstrm, analysis director and growth, in an interview.

Phrases of the transaction, which is anticipated to shut within the fourth quarter, weren’t disclosed.

Spotify follows a playbook just like that of its podcast enterprise. It ventured into podcasts in 2018, inflated it with a collection of acquisitions, and analysts anticipate analysts to overhaul Apple as the most important podcast supplier by the tip of the yr. yr with greater than 3 million titles.

The corporate, which beforehand partnered with Swedish audiobook streaming group Storytel to permit subscribers to take heed to audiobooks, had additionally launched an open entry platform for publishers to stream their content material.

“We all know from a survey that lots of our customers who listened to actual crime podcasts additionally bought actual crime audiobooks,” Sderstrm mentioned. “This can be a large potential for publishers as a result of we consider we’ve got a person base that can be an excellent goal for audiobooks.”

Spotify’s whole month-to-month lively customers rose 19% to 381 million within the final quarter, with income of round 2.5 billion euros (round Rs.21,278 crore).

The worldwide audiobook market is anticipated to succeed in $ 9.3 billion (roughly Rs. 69,231 crore) by 2026, up from $ 4 billion (roughly Rs. 29,776 crore) in 2020, in response to analysis agency Omdia. .

Thomson Reuters 2021

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