Spotify Technology S.A. (NYSE: SPOT) 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.
The company will maintain its headquarters in Solon, Ohio and will continue to be led by Findaway Founder & CEO Mitch Kroll, who will report to Nir Zicherman, Head of Audiobooks at Spotify.
The transaction is expected to close in the fourth quarter of 2021 and is subject to regulatory review and approval.
