Swedish streaming service Spotify focuses more on audiobooks with the acquisition of audiobook distributor Findaway after the company previously made a significant investment.
On Thursday, Spotify announced the purchase of the American company founded in 2005. Findaway currently provides audiobooks to companies such as Apple, Google and Amazon.
With the acquisition, Spotify wants to ‘achieve’ its ambition to offer more audiobooks faster. According to the company, the fact that the hundreds of millions of Spotify users will soon be able to listen to audiobooks will be ‘revolutionary’.
“Just like we did before with music and podcasts,” says Spotify, which has been trying to diversify for some time.
Spotify has already announced the deal to the world, but the actual acquisition will probably not take place until the end of this year. How much Spotify pays for Findaway has not been disclosed.