On the official website of the Swedish streaming service Spotify yesterday, November 11, there was a new record of the acquisition of the distributor of audiobooks, which, according to management, will give the platform a new direction for active development.
“Spotify Technology SA announces the final agreement to acquire Findaway, the global leader in digital audiobook distribution. The terms of the deal were not disclosed, “- a message from the official website.
It is worth noting that Findaway is actually not only distributing audiobooks around the world, but also offering bookmaker services to create audiobooks based on their work – a subsidiary of Findaway Voices is responsible for this. And, apparently, in this aspect of the business, the Spotify management is not planning any drastic changes – Findaway will work in the same office as before, the same person will remain the manager, there is not even information about any layoffs or restructuring. In fact, the streaming platform just bought an advanced tool to bring audiobooks to their digital shelves.
“With this acquisition, we will be able to accelerate the addition of the audiobook catalog to the platform so that users can efficiently get all the audio content they need in one app,” Nir Zicherman, head of audiobooks at Spotify to The Verge, told The Verge.
Unfortunately, there is no information yet on how exactly the audiobook catalog will be monetized on the streaming platform. Perhaps Spotify will pay authors a certain amount for listening, or for listening time, since the duration of one audiobook is several times longer than the average music track. Or Spotify will have a separate subscription with ad-free access to this content and offline listening – this information will be available soon, and the release of an impressive catalog of audiobooks is scheduled for early 2022.
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