Spotify is acquiring an audiobook company, expanding audio ambitions

guest · Nov 11, 2021

Spotify is acquiring an audiobook company
Findaway handles audiobook distribution and creative services
November 11, 2021
https://www.theverge.com/2021/11/11/22776777/spotify-findaway-acquire-audiobooks-podcasts-buy

Spotify has announced plans to acquire the audiobook services and distribution company Findaway for an undisclosed price. The company operates multiple businesses, including distributing audiobooks to various platforms and offering audiobook creation services under its business Findaway Voices. The company pairs authors with narrators, which could become a new and valuable source of revenue for Spotify.

It also makes Spotify both a commercial bookseller and a publisher of audiobooks, a title the company has been hesitant to accept for its podcasting efforts.

“With this acquisition, we’re going to be able to accelerate the addition of an audiobook catalog onto the platform so that users can effectively get all of the audio content that they want all on one platform,” says Nir Zicherman, head of audiobooks at Spotify, in a chat with The Verge.
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Zicherman also says the core Spotify app will likely gain more audiobooks in early 2022 when certain Open Access partnerships begin distributing content there. (Storytel, a major audiobook streaming app, is an initial partner.)

These moves aren’t the first to signal Spotify’s interest in the audiobook space, however.
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Spotify: Spotify to Acquire Leading Audiobook Platform Findaway

And today we are taking another step in furthering this mission to build the future of audio by announcing that Spotify has entered into a definitive agreement to acquire Findaway, a global leader in digital audiobook distribution.

Findaway works across the entire audiobook ecosystem with a platform and offerings that serve authors, publishers, and consumers of this rapidly growing industry, which is expected to grow from $3.3 billion to $15 billion by 2027. In addition to offering the largest catalog of distributed titles, Findaway has actively worked to democratize audiobooks through leading technology tools available for independent authors to create and bring their stories to life.
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guest · Nov 18, 2021

Spotify’s latest purchase is about becoming the place you listen to everything
Why it bought an audiobook company
November 18, 2021
https://www.theverge.com/2021/11/18/22789185/spotify-findaway-audible-audibooks-acquisition-podcasts

Last week, Spotify announced plans to spend an undisclosed amount of money to acquire Findaway, an audiobook creation and distribution company that plays a major role in the industry.

The announcement likely made sense to anyone who’s been paying attention to Spotify’s audio moves, but for those who haven’t, to sum it up plainly: Spotify wants to be the place you consume all audio.
This purchase sets it up to achieve that goal. When you open Spotify this time next year, the app will likely highlight an Armchair Expert episode alongside Taylor Swift’s newest single alongside Barack Obama’s newest book. It’ll be a crowded, but potentially powerful, destination.
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At the same time, though, Spotify getting knee-deep in audiobooks is a wildly different proposition than podcasts. There are powerful publishers to handle, a separate revenue model, a higher barrier to entry, and lots of IP rights to navigate. In the interest of better understanding why Spotify sees a future in the space, let’s break it down by what you need to know when thinking about this deal.
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guest · Sep 10, 2022

Spotify exec says the company will begin testing audiobooks ‘very soon’
By Aisha Malik @aiishamalik1 - September 10, 2022

Spotify CFO Paul Vogel says the music streaming platform will begin testing and trialing audiobooks “very soon.” The Spotify executive said the company plans to continue to expand its portfolio of products, as it sees opportunities for growth in both its established markets and its developing markets.

Vogel made the comments on Wednesday at the 2022 Evercore ISI 2nd Annual Technology, Media & Telcom Conference.

“It’s going to come out reasonably soon, but I would say don’t expect that to be the last change or improvement we make on the audiobooks offering,” Vogel said regarding the launch timing for audiobooks.
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Vogel said the company sees its foray into audiobooks as similar to its entrance into the podcasts market. He noted that Spotify was able to offer users an enhanced UI for listening to podcasts and that the company will do the same for audiobooks.

“When it comes to podcasting, we gave you a better experience,” Vogel said. “There was no reason for you to switch from whatever you used for podcasts to Spotify, unless we created an environment where it was better and easier for you. And we think there are similar opportunities in audiobooks where we can really innovate and create something that is different.”
Spotify believes that there are lots of ways it can add audiobooks to its platform and create an environment that can rival other audiobook players, which includes the likes of Amazon’s Audible, Audiobooks.com, Scribd and more. Vogel also sees the addition of audiobooks on Spotify as a growth opportunity for publishers and authors.
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Vogel’s comments come as Spotify has been inching toward an audiobook product over the past year. Last fall, the company acquired audiobook distributor Findaway for an undisclosed sum. At the time, Spotify said it planned to build on Findaway’s existing investments in the audio industry.
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