Spotify acquires Findaway to fuel audiobook expansion
Spotify is fueling its ambition to be the top destination for ‘all things audio’ with the acquisition of global digital audiobook distributor Findaway.
Findaway’s infrastructure will enable Spotify to quickly scale an audiobook catalog while simultaneously providing new avenues for publishers, authors and independent creators. Spotify’s stated goal is to “revolutionize” and expand the global audience for audiobooks much like it has music and podcasts.
Details of the deal, which Spotify says will close before the end of the year, were not disclosed.
“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 catalog, with Spotify’s expertise to revolutionize the audiobook space as we did with music and podcasts.”
“Together with Spotify we have the opportunity to innovate and democratize the audiobook ecosystem,” said Findaway Founder & CEO Mitch Kroll. “We founded Findaway with the recognition of the power of the spoken word through audiobooks and the unique opportunity to empower storytellers and connect them with listeners. We look forward to combining our leading technology tools and world-class team with the reach of Spotify’s platform to provide an enhanced audio experience for creators, publishers, and listeners around the world.”
Bruce Houghton is Founder and Editor of Hypebot and MusicThinkTank and serves as a Senior Advisor to Bandsintown which acquired both publications in 2019. He is the Founder and President of the Skyline Artists Agency and a professor for the Berklee College Of Music.