Spotify, the commercial music streaming service, acquires Findaway, the world’s audiobook partner for podcast authors and creators to expand its audiobook catalog.
The acquisition ensures to increase Spotify’s presence in the audiobook space and enables it to evolve as the best audio destination for all its consumers. It has already expanded its frontiers by acquiring Anchor and Gimlet.
Spotify is one of the international leaders in digital audiobook distribution. It has almost 172 million premium subscribers according, to the latest report on September 2021.
This Swedish audio streaming provider offers a freemium service to listen and play millions of songs and podcasts for free on Spotify. It provides a platform exclusively for children and enables them to create a whole of six accounts at Rs.179/month.
Findaway is an audio technology company that creates audio for top publishers, retailers, authors, and institutions. This multi-brand company has innovative features like an audio engine, Findaway voices, audio works, OrangeSky Audio, etc.
Findaway provides access to the world’s largest network of audiobook sellers and supports authors to create professional audiobooks, creating opportunities for publishers to score high in the constantly changing audiobook market.
Spotify’s acquisition of Findaway will increase the presence of Spotify in the audiobook space. The technological infrastructure of Findaway allows Spotify to increase its audiobook catalog.
Gustav Söderström, Chief Research & Development Officer of Spotify, stated that they are delighted to revolutionize audio space by combining Findaway and Spotify.
The union of Findaway’s first-class technology platform and full-flavored audiobook catalog of Spotify assures to bring magic to the audience.
Findaway offers both large catalogs of distributed titles and also technology to democratize audiobooks.
Thus feature of Findaway plays a leading role in the growth of Spotify. It would lead independent authors to create and come with their unique crafts.
Spotify plans to strengthen its performance with Findaway’s advancement in space and also adds the former’s knowledge about personalization and discovery and innovates in the areas like creator tools, format, and delivery.
The two firms combine to tackle issues like innovating the industry, easing current limitations, and unraveling better economic tools for creators.
These provide brand new experiences for consumers and set up new platforms for authors and publishers to reach the audience.
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