Spotify has announced that it will be acquiring audiobook company FindAway. Spotify has been expanding its presence in the audio space for the last few years with its endeavor into podcasting and original podcasting. Of course, Spotify Hi-Fi is coming by the end of the year. Although, the end of the year is coming up fast.
Spotify is a super popular music streaming service loved by many. Spotify is popular because it offers both free and paid tiers and has a massive social platform. With the addition of podcasts (even video ones), Spotify has become a one-stop-shop for audio for many folks.
Well, Spotify's goal to take over the audio industry is taking another step forward. The company announced that it would be acquiring audiobook distributor FindAway for an undisclosed amount. On the surface, it may not seem like a big deal. Great, Spotify will be offering audiobooks to subscribers. But it's much more than that. With the acquisition, Spotify now becomes a place where creators can go to get started creating audiobooks. FindAway Voices, as per FindAway's official website, "gives authors access to the world's largest network of audiobook sellers and everything they need to create the highest quality audiobooks." In addition to helping creators get off the ground, FindAway is also a massive publisher and distributor of audiobooks.
One Step Closer
While neither company commented on the future implications of the deal, Spotify owning one of the largest distributors of audiobooks in the world gives the streaming service a huge advantage. In addition to making it easier to create, produce and publish audiobooks, Spotify could theoretically ask for lower prices for itself now that it owns the supply chain. Of course, this is all theoretical at this point. Both Spotify and FindAway were scarce on details.
The announcement isn't surprising, however. Spotify has wanted to become a one-stop-shop for all things audio for a while now. The company acquiring an audiobook distributor brings Spotify closer than ever to that goal. With music, podcasts and audiobooks, Spotify now offers almost anything someone wants when it comes to audio. With all the social features, algorithmic playlists, podcasts, autoplay and now audiobooks under their belt, Spotify will be a true force to be reckoned with. Spotify already offers a small number of audiobooks to users today, and it'll be interesting to see if Spotify will hike the price for audiobooks or if it'll be factored into the standard premium pricing. The same question was posed when Spotify announced its HiFi tier as the company was and is still quiet on that forefront.
Source: Spotify