Spotify has announced that it plans to acquire Findaway, an audiobook distribution platform that competes with Amazon’s nigh-ubiquitous Audible service, in a bid to expand its audio empire.
“It’s Spotify’s ambition to be the destination for all things audio both for listeners and creators,” Spotify Chief Research and Development Officer Gustav Söderström said in a statement. “The acquisition of Findaway will accelerate Spotify’s presence in the audiobook space and will help us more quickly meet that ambition.”
Spotify initially branched out from being a music-streaming platform by adding podcasts to its catalog. It also introduced a Clubhouse-like feature called Greenroom to focus more on social audio—because apparently every company that runs a platform dedicated to sounds or social interactions is contractually obligated to—and now it’s looking to get into audiobooks as well.
“We plan to build on Findaway’s significant innovation in the space,” Spotify says, “and we’re going to supercharge its growth, bringing everything Spotify knows around personalization and discovery while also innovating on format, delivery, creator tools, and more.” It also says it will “continue to innovate the industry” and “unlock better economic tools for creators” in the process.
The company says it expects regulators to approve the deal by the end of the year. Terms of the acquisition weren’t disclosed, but assuming it moves forward, Findaway says that it will maintain its headquarters in Solon, Ohio, and will continue to be led by Findaway Founder and CEO Mitch Kroll, who will report to Nir Zicherman, Head of Audiobooks at Spotify.
