Spotify has entered into a definitive agreement to acquire audiobook distribution company Findaway.
The terms of the transaction were not disclosed.According to a media statement, Spotify and Findaway “will accelerate” the music streaming company’s entry into the “rapidly growing audiobooks industry”, currently dominated by the likes of Audible, which was acquired by Amazon for $300 million in 2018.
Spotify says that Findaway’s technology infrastructure will allow it to “quickly scale its audiobook catalog”.
Is Spotify going to do the same for the audiobooks market as it did with podcasts? It looks like it with this latest acquisition. Watch this space.