Spotify wants to become the world’s largest consumer audio empire, we were told in this interview last year. An ambitious claim that has led them to invest many resources in podcasting and that now has a new chapter, since the streaming music app has just announced the purchase of uone of the world’s largest audiobook platforms, Findaway, with a catalog of more than 325,000 titles, as reported in a note.
The agreement, of which figures have not transcended and which will be effective before the end of 2021, will allow Spotify users to access audiobooks from platforms such as Amazon Audible, Apple iBooks, Google, Storytel or Scribd, among many others.
“Spotify’s ambition is to be the destination for all things audio, for listeners and creators alike. Acquisition of Findaway will accelerate Spotify’s presence in the audiobook space and it will help us meet that claim more quickly, ”said Gustav Söderström, Spotify’s Director of Research and Development.
With the purchase of Findaway, Spotify not only makes itself in one fell swoop with an extensive catalog of audiobooks, but also incorporates different desktop publishing tools for authors of this type of creations that the platform that you have just acquired has developed in recent years, and that brings together a service, called Findaway Voices, similar to the one that Amazon has with KDP, only in this case for voiced books.
The audiobook market has not stopped growing in recent years and, as with podcasts, Spotify has seen enormous potential in it that can make you a lot of money in the long run. According to estimates shared by the music app itself, the audio book sector is expected to generate a $ 15 billion business by 2027.
The projections of the Omdia consultancy for this same market are somewhat less optimistic, since they estimate that the sector will move about 9.3 billion dollars a year by 2026, figures that are still quite striking if we take into account that in 2020 it generated a business of around 4,000 million dollars.