Spotify has announced the acquisition of the Findaway platform, specialized in audiobooks and thanks to which it will integrate 325,000 more titles to this audibles and postcast division that began in 2019 when it was acquired with the companies of the Anchor and Gimlet sector.
Findaway is one of the leading companies in the digital audiobook distribution industry. The company’s goal, according to Spotify’s own spokespersons, “is to be the destination of everything related to audio, both for listeners and creators. ”
From music to podcasts to audiobooks. Gustav Söderström, Director of Research and Development, Spotify value the wide catalog of audiobooks by Findaway.
Terms of the transaction have not been disclosed. It is expected to close in the fourth quarter of 2021 although before it is subject to regulatory review and approval in the United States.
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The rise of the podcast and the audiobook
In Spain, according to a study last September, 51% of those surveyed already listen to podcasts from time to time, and 33% listen to podcasts quite frequently. According to these figures, 84% of the Spanish population in total listens to podcasts, even if a large group does little.
In addition to Spotify, giants in the audio sector such as Podimo or Amazon and their Audible they also have strong platforms for audiobooks.
Audiobooks, like podcasts, have grown in popularity in recent years as people seek information and entertainment in the background while doing other tasks like driving or exercising. Other than gains more and more followers (including in Spain) is Storytel and a few months ago, Spotify announced an alliance with the latter.
This union will allow Spotify users to link their Storytel accounts to access the catalog of audiobooks and listen to them directly in the Spotify app.