Spotify Buys Audiobook Distributor Findaway
• Spotify Technology S.A. announced it has entered into a definitive agreement to acquire Ohio-based digital audiobook distributor Findaway. Terms of the transaction were not disclosed.
According to the release, “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, authors and independent creators to reach new audiences around the globe. The acquisition positions Spotify to revolutionize the space in the same way as music and podcasts, powering content to reach a wide audience on its global platform.”
Gustav Söderström, Spotify’s Chief Research & Development Officer, commented, “It is Spotify’s ambition to be the destination for all things audio both for listeners and creators. The acquisition of Findaway will accelerate Spotify’s presence in the audiobook space and will help us more quickly meet that ambition.” Findaway Founder & CEO Mitch Kroll remarked, “Together with Spotify we have the opportunity to innovate and democratize the audiobook ecosystem. We founded Findaway with the recognition of the power of the spoken word through audiobooks and the unique opportunity to empower storytellers and connect them with listeners. We look forward to combining our leading technology tools and world-class team with the reach of Spotify’s platform to provide an enhanced audio experience for creators, publishers and listeners around the world.”
Findaway will maintain its current HQ in Solon, OH and will continue to be led by Mitch Kroll, who will report to Nir Zicherman, Head of Audiobooks at Spotify. The transaction is expected to close in the fourth quarter of 2021 and is subject to the usual regulatory review and approval.
