Spotify announces that it has completed the acquisition of Findaway. The initial announcement of the acquisition took place last November. The streaming service has since obtained all the green lights to carry out the operation.
Findaway works across the audiobook ecosystem with a platform and offerings that serve authors, publishers, and consumers. Its technology will allow Spotify to propel itself into the booming audiobook sector, which offers market opportunities: this market is expected to grow from $3.3 billion to $15 billion by 2027 according to Spotify. . Its global head of audiobooks, Nir Zicherman, said during his presentation at Investor Day 2022: “We believe this is a unique opportunity to introduce audiobooks to people listening to music and podcasts around the world, and to significantly grow this market”.
Findaway’s technology infrastructure will enable Spotify to rapidly grow its audiobook catalog and innovate consumer experiences, while providing publishers and authors with new ways to reach audiences around the world.
The amount of the buyout was not disclosed last November and it still is not today.