STOCKHOLM, Nov 11 (Businesshala) – Spotify (SPOT.N) on Thursday made a major push to have more audiobooks on its platform by buying US-based audio tech company Findway as it seeks to recreate its success with podcasts. tries to.
FindAway, which has partnerships with audiobook publishers such as Amazon’s Audible, Apple iBooks, Google, and Storytel, offers a global audio book catalogue. It also has Voices, which helps authors self-publish.
Chief R&D officer Gustav Söderström said in an interview, “This is the first big step … what we want to achieve for Spotify consumers to be able to buy and listen to any audio book on Spotify.”
Terms of the transaction, which is expected to close in the fourth quarter, were not disclosed.
Spotify is following a playbook similar to its podcast business. It stepped into podcasts in 2018 and amplified it with a string of acquisitions and is expected by analysts to overtake Apple (AAPL.O) as the largest podcast provider with more than 3 million titles by the end of the year.
The company, which already has a tie-up with Swedish audiobook streaming group Storytel (STORYb.ST), to allow its customers to listen to audiobooks, also launched an open access platform for publishers to stream their content Was.
“We know from a survey that many of our users who listened to true crime podcasts also went on to purchase audiobooks about true crime,” Soderstrom said. “It’s a huge potential for publishers, because we think we have a user base that’s a really good target for audiobooks as well.”
Spotify’s total monthly active users grew 19% to 381 million, with revenue of about 2.5 billion euros ($2.87 billion) in the latest quarter.
The global audiobook market is expected to be worth $9.3 billion by 2026, up from $4 billion in 2020. According to the research firm Omdia.
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