NEW YORK, Nov 12 (Bernama-BUSINESS WIRE) — Spotify Technology S.A. (NYSE: SPOT) (the “company”), today announced it has entered into a definitive agreement to acquire Findaway, a global leader in digital audiobook distribution. Terms of the transaction were not disclosed.
Together, Spotify and Findaway will accelerate Spotify’s entry into the rapidly growing audiobooks industry, enabling faster innovation and bringing audiobooks to Spotify’s hundreds of millions of existing listeners. Findaway’s technology infrastructure will enable Spotify to quickly scale its audiobook catalog and innovate on the experience for consumers, simultaneously providing new avenues for publishers, authors and independent creators to reach new audiences around the globe. The acquisition positions Spotify to revolutionize the space in the same way as music and podcasts, powering content to reach a wide audience on its global platform.