Spotify will sell audiobooks
Spotify Technology SA has agreed to buy Findaway, a firm that produces audiobooks, in order to expand its product offerings beyond music and podcasts.
When the deal is finalised, Findaway, a distributor of different services, publishers, and audiobook writers, will continue to serve.
Significant Spotify Investment
This is Spotify’s largest audiobook investment, and it’s the latest indicator of the company’s efforts to expand outside its music app and become a one-stop shop for audio.
“We want Spotify consumers to be able to buy any audiobook in the world,” said Gustav Soderstvom, the company’s chief research and development director.
All Spotify subscribers will be able to purchase individual audiobooks. Individual writers and publishers who use their own payment processing methods will be able to keep all of their revenues, but those who utilise Spotify’s technology will have their earnings divided and will be unable to distribute their own works.
Audible, which is owned by Amazon.com Inc., is the most popular audiobook service. Spotify, which has over 400 million listeners, intends to compete with its books.