Findaway has both a full-service and self-service audiobook
production platform for authors, narrators and publishers. The self-service
option connects independent authors to narrators and provides access to global
distribution, while top publishers like HarperCollins and Hachette have used
the full-service platform for audiobooks.
The acquisition, pending regulatory approval, is expected to
close in the fourth quarter of this year. Financial terms of the deal were not
disclosed.
“It is Spotify’s ambition to be the destination for all
things audio both for listeners and creators,” Gustav Söderström, Spotify’s
chief research and development officer, said in a statement. “The acquisition
of Findaway will accelerate Spotify’s presence in the audiobook space and will
help us more quickly meet that ambition.”
Findaway will still be led by founder and CEO Mitch Kroll
and remain headquartered in Ohio. Kroll will report to Spotify’s head of
audiobooks, Nir Zicherman.
“Together with Spotify we have the opportunity to innovate
and democratize the audiobook ecosystem,” Kroll said. “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.”
Spotify first tested out its literary offering in January
this year with a collection of nine exclusive audiobook recordings, as The
Hollywood Reporter first reported. The recordings included celebrity narrations
of literary classics, such as Cynthia Erivo reading Jane Austen’s Persuasion;
Forest Whitaker reading the Narrative of the Life of Frederick Douglass, an
American Slave; Hilary Swank narrating Kate Chopin’s The Awakening; David
Dobrik reading Mary Shelley’s Frankenstein; and Audra McDonald reading Jean
Toomer’s Cane.
The Stockholm-based audio company, led by CEO Daniel Ek, has
made a concerted effort in the past years to boost its non-music audio
presence, most notably in the podcast space. Since 2019, Spotify has gone on an
acquisition spree, picking up podcast companies like Gimlet Media and Anchor,
the podcast advertising platform Megaphone and the live audio developer Betty
Labs. The audio giant also acquired Bill Simmons’ The Ringer, adding dozens of
popular sports and pop-culture podcasts to Spotify’s library, and has made
splashy deals with talent like Barack and Michelle Obama, Prince Harry and Meghan
Markle, Joe Rogan, Dax Shepard and Call Her Daddy host Alex Cooper.
The Findaway acquisition thus marks Spotify’s first major
acquisition in the audiobook space as it competes with other giants like
Amazon’s Audible.
“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,”
Söderström said.
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