In recent years we have seen how podcasts have become the most comfortable way to consume audio content wherever we are, since it allows us to listen to our favorite programs without depending on a broadcast schedule. More or less the same as streaming video platforms in audio format.
Along with podcasts, audiobooks have experienced significant growth. Apple together with Audible (Amazon) are the two main platforms, not forgetting Storytel and which we now have to add to Spotify, after the announcement of the purchase of Findaway.
Spotify has announced through its official blog, that has reached an agreement with Findaway, a company described in the publication as the "world leader in digital audiobook distribution."
This company makes different tools available to authors, publishers and consumers, tools that they have allowed independent authors to share their stories.
According to Spotify, the audiobook industry is expected to grow from $ 3.3 billion today to $ 15 billion in 2027. In that announcement, the Swedish company has not informed the price it will pay for this acquisition.
Together, Spotify and Findaway will accelerate Spotify's entry into the audiobook space and continue to innovate in the industry, working to remove current limitations and unlock better affordable tools for creators.
Findaway's technology infrastructure will allow Spotify to rapidly scale its audiobook catalog and innovate the experience for consumers, simultaneously providing new avenues for publishers and authors to reach audiences around the world.
Other sources of income
The expansion to other audio formats of Spotify has its logic, since while it barely receives money from each reproduction (most of it goes to record companies) in the segment of podcasts and audiobooks, it has a much wider margin.
Spotify plays with an advantage, since it is the only platform that allows access to music, podcasts and audiobooks from a single application.
