Spotify Spent Over 120 Million on Findaway, a DIY Audiobook Platform

After announcing the acquisition of Findaway, an audio platform that enables users to produce and distribute their own audiobooks in November, Spotify has confirmed the acquisition. According to an amended SEC filing, Spotify paid €117 million, or 123 million, for the service.

Streaming music, podcasts, and audiobooks all in one place is Spotify’s goal with the purchase of Audible. Because of this, the ever-expanding catalog of audiobooks on Spotify would attract a broader audience of content producers and listeners.

While Spotify’s music and podcasts are free to listen to, you may have to pay a fee to access audiobooks, depending on whether you choose a free or paid membership. To some degree, this represents a change in Spotify’s business strategy toward offering audiobooks on a “pay as you go” basis for some or all of its titles.

During a recent investor presentation, Spotify CEO Daniel Ek said, “We think that audiobooks in their many various forms will be a significant market.” “This third vertical of audiobooks further builds on our ambitions to be the destination for creators. We’ve moved from being a music discovery and playback service, to a fully-fledged platform where artists and creators can create, engage, and earn. A platform fueled by subscription, advertising and creator service models, applied to music, podcasts, audiobooks and more.”