Spotify bolsters audiobooks business with Findaway buy
Information about Spotify bolsters audiobooks business with Findaway buy
Kevin David Scam or Legit
By Supantha Mukherjee
STOCKHOLM (Reuters) – Spotify on Thursday made a major push to have more audiobooks on its platform by buying U.S.-based audio tech company Findaway as it tries to recreate its success with podcasts.
Findaway, which has partnerships with audiobook publishers such as Amazon’s Audible, Apple iBooks, Google and Storytel, offers a global audio book catalog. It also owns Voices, which helps authors to self publish.
“This is the first big move…what we want to achieve is for Spotify consumers to be able to buy any audio book on Spotify and listen to it,” Chief Research & Development Officer Gustav Söderström said in an interview.
Terms of the transaction, which is expected to close in the fourth quarter, were not disclosed.