Spotify acquires Findaway in big step toward audiobook distribution

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Following its minor dabbling withinside the international of audiobooks, streaming audio corporation Spotify has introduced its acquisition of Findaway, a virtual audiobook distribution corporation. Spotify, which to begin with centered on song streaming, has made a massive growth into podcasting over current years, main to rumors approximately a capability destiny pass into audiobooks.

Spotify has already dabbled in audiobooks, aleven though it isn’t a distributor at this point. Earlier this summer, for example, the corporation launched 9 audiobooks for traditional works on its platform, consisting of titles like “Frankenstein” and “Great Expectations.” The corporation had additionally formerly launched an audio series of celebrities analyzing Harry Potter one bankruptcy at a time.

In an declaration on Thursday, Spotify discovered that it has received Findaway, pronouncing that this enterprise selection represents “taking every other step into furthering” its attempt to “construct the destiny of audio.” Spotify says it has penned a definitive settlement to shop for Findaway, permitting it to go into the audiobook marketplace in a huge manner and spherical out its audio offerings.

Findaway boasts the biggest library of allotted audiobooks. Spotify plans to “supercharge” the distribution corporation with the aid of using including its very own technology, consisting of ones associated with content material discovery and personalization, further to growing unspecified improvements for matters starting from author gear to turning in audiobooks to customers.

This acquisition makes it clean that Spotify ambitions to now no longer handiest provide song and podcasts, however additionally audiobooks which have in large part been relegated to structures like Amazon’s Audible. The audiobook marketplace is anticipated to develop in recognition withinside the equal manner podcasting has visible a resurgence.

It’s uncertain while Spotify plans to release its audiobook platform, however the corporation recommended as a part of its declaration that its Findaway acquisition will allow it to “fast scale” its new library.