Streaming giant Spotify hopes to accelerate its presence in the audiobook sector
NEW YORK: Swedish music streaming giant Spotify announced Thursday its latest purchase in its quest to diversify, with the takeover of audiobook distributor Findaway.
Launched in 2005, Findaway bills itself as having the largest catalogue of audiobooks in the world, and works as a wholesaler with major companies such as Apple, Google and Amazon’s Audible.
The company, based in Solon, Ohio, also provides audio content for production and editing services.
Global audio book sales are expected to reach $4.8 billion in 2021 and double to $9.3 billion by 2026, according to research firm Omdia.
The Findaway acquisition is expected to be finalized by the end of the year. A price has not yet been announced.
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