Todd Spangler NY Digital EditorSpotify is acquiring Findaway, a digital audiobook distributor, as the streaming giant looks to steamroll into a new category of audio entertainment.Terms of the deal were not disclosed.
The transaction is expected to close in the fourth quarter of 2021, subject to regulatory review and approval.Spotify positioned the pact as letting it quickly bring a large catalog of audiobooks to its massive user base — totaling 381 million monthly active users as of Q3 — in the way the company jump-started its push into podcasts with the acquisitions of Gimlet, Anchor, Parcast and The Ringer.
The move will put Spotify in more direct competition with Amazon’s Audible, the biggest player in the audiobook space. According to.
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