Today, we’re excited to share that Spotify has closed the acquisition of Findaway, a global leader in digital audiobook distributions. As our CEO, Daniel Ek, said at our 2022 Investor Day last week, “We believe that audiobooks, in their many different forms, will be a massive opportunity.” Now, with Findaway officially part of the band, we are looking forward to innovating, growing, and rethinking what the audiobooks market can be—together.
Findaway works across the entire audiobook ecosystem with a platform and offerings that serve authors, publishers, and consumers. Their technology will help propel Spotify into the rapidly growing audiobooks industry with substantial market opportunity: the audiobooks market is expected to grow from $3.3 billion to $15 billion by 2027. Our global head of audiobooks, Nir Zicherman, said in his 2022 Investor Day presentation, “We believe this presents a unique opportunity to introduce music and podcast listeners around the world to audiobooks and drastically expand that market.”
In addition to offering the largest catalog of distributed titles, Findaway has actively worked to democratize audiobooks through leading technology tools that independent authors can use to publish and distribute their stories to new audiences. We plan on accelerating the growth of these tools, with the goal of scaling and expanding the audiobooks market overall.
Findaway’s technology infrastructure will enable Spotify to quickly scale its audiobook catalog and innovate on the experience for consumers, simultaneously providing new avenues for publishers and authors to reach audiences around the globe. Chapter one begins today . . .