Music streaming giant Spotify is getting into audiobooks in a big way.
On Thursday, the company announced its plans to acquire audiobook platform Findaway. The terms of the deal were not disclosed.
“We’re excited to combine Findaway’s team, best-in-class technology platform, and robust audiobook catalog with Spotify’s expertise to revolutionize the audiobook space as we did with music and podcasts,” Gustav Söderström, Spotify’s Chief Research & Development Officer, said in a statement.
According to Spotify, the audiobook industry is expected to grow from $3.3 billion to $15 billion by 2027, and the company plans to leverage the Findaway acquisition to grab a chunk of it.
The company shared few details on what its audiobook product will look like. Spotify says it plans to innovate on "format, delivery, creator tools, and more." It's worth noting that company has dabbled into audiobooks a little in the past, with one example being a Harry Potter audiobook read by Daniel Radcliffe, which launched in 2020.
Findaway doesn't directly sell books to users. Instead, it works with other companies, giving them access to a large catalog of audiobooks (the company claims it's the largest in the world). Findaway's partners include Apple, Audible, Scribd, Google, Rakuten Kobo, and Nook, among others.
Spotify says the acquisition will finalize before the end of the year should regulators approve it.