Spotify on Thursday said it’s acquiring the audiobook platform Findaway, which will allow it to create and distribute audiobooks, as it moves to expand beyond music streaming.
Spotify, which did not disclose the purchase price, said it is expecting to close the deal by the end of the year pending regulatory approval.
Findaway boasts over 350,000 audiobook titles from large publishers and independent authors in over 80 languages.
Findaway also provides a platform for independent authors to connect to narrators to turn their books into audiobooks that can then be distributed worldwide, which Spotify said it plans to build on.
The deal aims to further Spotify’s stated goal of becoming the world’s No.1 audio platform. Spotify acquired podcast producers Gimlet Media and Anchor in 2019, and a year later, launched video podcasts. In October, the company said it would expand its video podcast offerings. Currently Spotify offers more than 3.2 million podcasts and 70 million songs.
381 million. That’s how many monthly active users Spotify has, according to its website, including 172 million subscribers around the world.
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