Spotify has announced plans to acquire the audiobook services and distribution company Findaway for an undisclosed price, reported The Verge.
The company operates multiple businesses, including distributing audiobooks to various platforms and offering audiobook creation services under its business Findaway Voices.
The company pairs authors with narrators, which could become a new and valuable source of revenue for Spotify.
It also makes Spotify both a commercial bookseller and a publisher of audiobooks, a title the company has been hesitant to accept for its podcasting efforts.
“With this acquisition, we’re going to be able to accelerate the addition of an audiobook catalog onto the platform so that users can effectively get all of the audio content that they want all on one platform,” says Nir Zicherman, head of audiobooks at Spotify, in a chat with The Verge.