Findaway has been in business since 2005 and is the largest wholesale distributor of audiobooks. They have over 350,000 titles in their catalog and feed the digital collections of Scribd, Nook Audiobooks, Kobo, Storytel, Google Audiobooks and a myriad of others. One of the main growth avenues has been their âVoicesâ system, which allows freelance authors to quickly find narrators for their eBooks and convert them into audiobooks. Findaway was just bought out by Spotify, but neither party disclosed the dollar amount, but likely hundreds of millions of dollars.
Findaway operates across the entire audiobook ecosystem with a platform and offerings that serve the authors, publishers and consumers of this rapidly growing industry, which is expected to grow from $ 3.3 billion to $ 15 billion. billion dollars by 2027. Spotify plans to build on Findaway’s significant innovation in the space, and they will drive its growth, bringing everything Spotify knows about personalization and discovery while innovating on the format, delivery, creation tools, etc.
âIt’s Spotify’s ambition to be the destination for all things audio for both listeners and creators. The acquisition of Findaway will accelerate Spotify’s presence in the audiobook space and help us meet this ambition more quickly, âsaid Gustav SÃ¶derstrÃ¶m, Research and Development Director, Spotify. “We are thrilled to combine the team at Findaway, the best-in-class technology platform and a robust audiobook catalog, with Spotify’s expertise to revolutionize the audiobook space as we have done with music and podcasts. “
âWith Spotify, we have the opportunity to innovate and democratize the audiobook ecosystem. We founded Findaway with the recognition of the power of speech through audiobooks and the unique opportunity to empower storytellers and connect them with listeners. We look forward to combining our cutting-edge technological tools and world-class team with the reach of Spotify’s platform to deliver an enhanced audio experience to creators, publishers and listeners around the world. – Foundaway and CEO of Findaway, Mitch Kroll.
The acquisition isn’t Spotify’s first foray into audiobooks. The company has already experimented with a handful of celebrity-narrated public domain classics and a Harry Potter audiobook at the start of coronavirus lockdowns in 2020. But the acquisition indicates that the streaming platform now has much bigger ambitions. in the space. The deal will be done by the end of the year, but there are a lot of questions. Will Spotify include hundreds of thousands of audiobooks for free as part of its premium subscription program, or will it launch a new subscription only for audiobooks? Will free levels be able to listen to audiobooks with ads?
Michael Kozlowski has been writing about audiobooks and e-readers for twelve years. His articles have been picked up by major and local news sources and websites such as CBC, CNET, Engadget, Huffington Post, and The New York Times. He lives in Vancouver, British Columbia, Canada.