Not being content with simply providing music streaming services, Spotify’s new target is to provide audiobooks. In order to do so, it has acquired Findaway, which is a top company in the distribution of digital audiobooks. Spotify is investing millions in its podcast campaign, striving to go beyond music streaming. Findaway has been a worldwide audiobooks distributor since 2004. The company collaborates with world-scale brands, building bridges between the most influential content creators of our time, including Google, Apple, and others.
There are also branch companies, which operate under the supervision of Findaway. Findaway Voices connects authors with voice-over artists; Orange Sky Audio expands the catalog with diverse audio samples; Audioworks provides audio services for publishers; AudioEngine creates technological tools for audiobooks integration, and Playaway distributes audiobooks among educational institutions.
Spotify wants to allow access to audiobooks for over 381 million monthly users worldwide, building its growth in the industry on the foundation that Findaway has already created. The company has created a partnership with Storytel, allowing its members to use Spotify’s app for accessing audiobooks. That partnership looks like another potential acquisition for Spotify, even though the company didn’t make any public statements yet.
Despite the current shift of focus to audiobook products, the company will not stop being one of the large-scale worldwide podcasts providers on the planet. According to the recently revealed information, the company will still be focusing on making podcasts, considering the constantly growing needs of its customers.
How do you think the future of audiobooks would look? How would you evaluate Spotify’s perspectives in this business? Please share your thoughts below.