Image Credit: Good e-Reader

Spotify closed the deal for the audiobook platform Findaway in June in a bid to add a third leg to the Spotify audio stool.

Findaway is a platform that allows users to create, distribute and monetize their own audiobooks, reports The Verge.

In a 2019 announcement, Spotify announced its desire to become the worlds leading audio platform. True to this desire, the company has ventured into podcasts with acuisitions of companies like Anchor and Gimlet.

Now, Spotify has entered into a “definitive agreement” to acquire Findaway, a leading company in digital audiobook distribution.

Spotify yesterday revealed (31/07) that they have purchased Findaway for $123 million to provide critical infrastructure for integrating audiobooks on the Spotify platform.

Spotify CEO Daniel Ek has said that functionality for audiobook content will be arriving on Spotify “quite imminently”. Furthermore, the company has stated that its service will operate differently from that of Amazon Prime, which is currently the leading audiobook platform.

For example, subscribers to Audible pay $14.95 per month for one monthly credit and that one credit gets them one book.

We don’t yet know if Spotify premium subscribers will have unlimited access to audiobooks. However, the content and ad business chief Dawn Ostroff has indicated that there will be an ad-supported tier.

It’s Spotify’s ambition to be the destination for all things audio both for listeners and creators. The acquisition of Findaway will accelerate Spotify’s presence in the audiobook space and will help us more quickly meet that ambition.

Gustav Söderström, Spotify’s Chief Research & Development Officer

While investors are disappointed that Spotify’s investments in podcasting are yet to pay off, Spotify is always looking to find new avenues to achieve its dream of being the worlds leading audio platform.

One recent acquisition of note is that of Heardle. Spotify purchased the music trivia game in a bid to utilise the musical discovery element of the platform itself.

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