Spotify acquisition taps into appetite for audiobooks
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Signal
Nov 18, 2021
Spotify acquisition taps into appetite for audiobooks

Spotify has purchased audiobook distributor Findaway, to increase the audiobooks available to users and build on Findaway’s existing investments in the sector. With audio entertainment increasingly popular since COVID-19, Spotify is meeting interest by expanding its audiophile content.

Given that research estimates show that the audiobook industry is expected to grow by over $11 billion between 2020 and 2027, it's unsurprising that Spotify has invested in controlling the audiobook marketplace more closely. Despite assumptions that audiobooks would fall in performance during the pandemic due to a reduction in travel, they actually spiked with people turning to them as a mode of relaxation during the stress of COVID-19. “This is an expansion into a new content type that we know our consumers want, and, in many cases, are already listening to,” says Nir Zicherman, Spotify head of audiobooks. “We want to bring that on platform so they can enjoy it on Spotify, as well.”