Spotify to accelerate its audiobooks expansion with Findaway purchase

Spotify announced on November 11 its plans to acquire a US-based digital audiobook distribution firm Findaway, as the audio streaming service looks to further diversify beyond music and podcasts.

The Swedish company said this move will further accelerate the service's entry into the growing audiobook industry and offer them to its hundreds of millions of existing listeners. The market is currently dominated by Amazon's Audible with other players such as Apple and Google also offering audiobooks through iTunes and Google Play respectively.

Started in 2005, Findaway offers multiple products across the entire audiobook ecosystem that cater to authors, publishers, and consumers. This includes enabling retailers and libraries to deliver digital audiobooks to listeners on their own platforms as well as distributing audiobooks to various platforms such as Apple, Audible, Google, Barnes & Noble's Nook, Rakuten Kobo, and Storytel.

It also offers audiobook creation services including connecting authors with professional narrators and a full-service managed production facility for top publishers apart from preloaded audiobook products to libraries and schools.

Spotify said that Findaway's technology infrastructure will enable the company to quickly scale its audiobook catalog and improve the experience for consumers, while providing new avenues for publishers, authors and independent creators to reach new audiences around the world. While the terms of the acquisition were not disclosed, the deal is expected to be closed in Q4 2021.

“It is Spotify’s ambition to be the destination for all things audio both for listeners and creators,” said Gustav Söderström, Spotify’s Chief Research & Development Officer. “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.”

Findaway will continue to be led by its founder Mitch Kroll, who will report to Nir Zicherman, Head of Audiobooks at Spotify.

“Together with Spotify we have the opportunity to innovate and democratize the audiobook ecosystem,” said Findaway Founder & CEO Mitch Kroll. “We look forward to combining our technology tools and team with the reach of Spotify’s platform to provide an enhanced audio experience for creators, publishers and listeners around the world.”

Streaming major Spotify started testing audiobooks on its platform with a collection of old classic titles in January this year and later partnered with audiobook streaming service Storytel in May this year. As part of this partnership, existing Storytel subscribers would be able to link their account through Spotify's Open Access Platform to access their audiobooks within the Spotify app.

New music charts

Spotify has also rolled out city-wise charts across 16 cities in India, letting people track the most popular songs in each city on an individual basis.

These charts will be updated every Friday based on activity from listeners in cities such as Bengaluru, Chennai, Delhi, Mumbai, Pune, Hyderabad, Kolkata, Ahmedabad, Chandigarh, Guwahati, Jaipur, Lucknow, Ludhiana, Patna, Imphal and Ernakulam.

The service has also launched ‘Local Pulse’ charts that rank the most uniquely popular songs every week in these cities, compared to its popularity around the world.

Spotify also offers daily and weekly charts of the most played songs and artists across India along with a weekly chart on top albums and a daily chart on most viral tracks of the day.