Findaway, which has partnerships with audiobook publishers similar to Amazon’s Audible, Apple iBooks, Google and Storytel, provides a world audio e book catalog.
Spotify on Thursday made a significant push to have extra audiobooks on its platform via purchasing U.S.-based audio tech corporate Findaway because it tries to recreate its luck with podcasts.
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Findaway, which has partnerships with audiobook publishers similar to Amazon’s Audible, Apple iBooks, Google and Storytel, provides a world audio e book catalog. It additionally owns Voices, which is helping authors to self submit.
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“That is the primary large transfer…what we wish to reach is for Spotify customers as a way to purchase any audio e book on Spotify and pay attention to it,” Leader Analysis & Construction Officer Gustav Söderström stated in an interview.
Phrases of the transaction, which is anticipated to near within the fourth quarter, weren’t disclosed.
Spotify is following a playbook very similar to that of its podcast industry. It ventured into podcasts in 2018, bulked it up with a string of acquisitions and is anticipated via analysts to overhaul Apple as the biggest podcast supplier via the top of the 12 months with greater than 3 million titles.
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The corporate, which already has a tie-up with Swedish audiobook streaming team Storytel to permit its subscribers to hear audiobooks, had additionally introduced Open Get entry to Platform for publishers to circulation their content material.
“We all know from a survey that lots of our customers who listened to true crime podcasts additionally went on to shop for audiobooks about true crime,” stated Söderström. “That is a large doable for publishers, as a result of we predict we’ve got a person base that could be a actually excellent goal for audiobooks as neatly.”
Spotify’s overall per month lively customers rose 19% to 381 million in the newest quarter with earnings of about 2.5 billion euros ($2.87 billion).
The worldwide audiobooks marketplace is anticipated to be value $9.3 billion via 2026 from $4 billion in 2020, in step with analysis company Omdia.
