Spotify is best-known for being a music streaming service, but obviously diversifying their business and product offerings is a good way to ensure that if one part of their business starts to falter, they will have alternative ways of generating revenue.
We’ve seen Spotify get into podcasts and spending millions acquiring Joe Rogan’s podcast program, and now it looks like the company is looking to expand to audiobooks. This comes from an announcement by the company where they reveal that they will be acquiring Findaway, an audiobook distributor.
According to Gustav Söderström, Spotify’s Chief Research & Development Officer, “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.”
He adds, “We’re excited to combine Findaway’s team, best-in-class technology platform, and robust audiobook catalog with Spotify’s expertise to revolutionize the audiobook space as we did with music and podcasts.” With this acquisition, Spotify will now be able to compete against other audiobook platforms like Apple Books and Amazon’s Audible.
Spotify believes that the audiobooks market is set to grow where it is currently generating $3.3 billion, but is expected to grow by about five times to $15 billion in 2027.