Spotify continues to build its dominance in the audio space with its latest acquisition.
The company announced today that it has acquired Findaway, an audio book distribution platform that makes it easier for authors and narrators to create and distribute audio books across the market.
Gustav Söderström, Spotify’s director of research and development, says the acquisition will help “accelerate Spotify’s presence in the audiobook space”.
“Spotify’s ambition is to be a destination for all audio things for both listeners and creators. Purchasing Findaway will accelerate Spotify’s presence in the audiobook space and help us fulfill that ambition faster. We are excited to combine Findaway’s team, best of all, with the technology platform. in class and a robust audiobook catalog with Spotify’s expertise to revolutionize the audiobook space as we have done with music and podcasts. ”
According to Spotify, the audiobook market is expected to grow from the current $ 3.3 billion to $ 15 billion by 2027.
Findaway operates an entire audiobook ecosystem with a platform and offering that serves the authors, publishers and consumers of this fast-growing industry, which is expected to grow from $ 3.3 billion to $ 15 billion by 2027. In addition to offering the largest catalog of distributed title, Findaway has been actively working to democratize audio books through leading-edge technology tools available to independent authors to create and bring to life their stories. We plan to build on Findaway’s significant innovation in space, and we’ll accelerate its growth, bringing everything Spotify knows about personalization and discovery, while innovating in terms of format, delivery, creator tools, and more.
It is unclear at this time what exactly will result from the acquisition of Findaway, but it could be speculated. The acquisition is similar to Anchor, a podcasting platform the company bought a few years ago. Not only did Anchor make it easy to create and publish podcasts, but it was obviously easy to set up those podcasts on Spotify as well.
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Findaway will probably result in something similar – an easy way to create audio books and upload them to Spotify. Sounds like a win for Spotify as it continues to build all-in-one solutions for all your audio needs.
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