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Spotify might be looking to build an Audible competitor, buys audiobook platform Findaway

It looks like Spotify is building an Audible competitor behind the scenes as it has acquired audiobooks company Findaway.
By Sanuj Bhatia November 12, 2021, 2:45 am

When it comes to audiobooks, Audible is the first thing that comes to our mind. Amazon's service is one of the most used book-listening apps used in the world. But how could the music giant Spotify miss out on such a money-minting opportunity? According to a report from The Verge, Spotify has announced plans to acquire audiobook services and distribution company Findaway. The details of the deal are under the wraps, though.

Findaway operates in (or rather, used to) multiple businesses related to audiobooks. First, the company distributes audiobooks to various platforms. Moreover, the company also offers "audiobook creation services" under its brand "Findaway Voices." With the acquisition of Findaway, Spotify is looking to offer all the "audio content" on one platform, Nir Zicherman, head of audiobooks at Spotify, told The Verge.

Zicherman says that the company is entering the audiobooks space to "democratize" it and promote “innovation”. The company also wants to improve the discovery of audiobooks, as it has always focused on the discovery of music and podcast. Spotify says that it will continue to support Findaway Voices "because [Spotify] thinks that it’s part of what makes the platform so powerful from a creator standpoint.”

Zicherman, in the interview with The Verge told that Spotify's core app will gain audiobooks in "early 2022." But before it starts pushing audiobooks onto the main app, Spotify will still continue to make money. Findaway pays the creator of an audiobook some portion of the purchase whenever they buy a book on the platform. But now, whenever someone buys an audiobook, Spotify will make some money.

The Verge also reports that Spotify may offer some sort of audiobooks tier starting in 2022, similar to Audible, but it's only a speculation for now.

Via: The Verge

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