Spotify Technology S.A., has announced that it has entered into a definitive agreement to acquire Findaway, a digital audiobook distribution platform. Terms of the transaction were not disclosed.
According to a statement, “Together, Spotify and Findaway will accelerate Spotify’s entry into the rapidly growing audiobooks industry, enabling faster innovation and bringing audiobooks to Spotify’s hundreds of millions of existing listeners. Findaway’s technology infrastructure will enable Spotify to quickly scale its audiobook catalog and innovate on the experience for consumers, simultaneously providing new avenues for publishers, authors and independent creators to reach new audiences around the globe. The acquisition positions Spotify to revolutionize the space in the same way as music and podcasts, powering content to reach a wide audience on its global platform.”
“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.”
The company will maintain its headquarters in Solon, Ohio and will continue to be led by Findaway Founder & CEO Mitch Kroll, who will report to Nir Zicherman, Head of Audiobooks at Spotify.
The transaction is expected to close in the fourth quarter of 2021 and is subject to regulatory review and approval.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.