Spotify reported this Friday that it reached a definitive agreement to acquire Findaway, one of the most important companies in the world in the distribution of digital audiobooks. Terms of the transaction were not disclosed.
Together, Spotify and Findaway will accelerate Spotify’s entry into the rapidly growing audiobook industry, allowing hundreds of millions of listeners to access this type of content.
Findaway’s technological infrastructure will allow Spotify to rapidly expand its audiobook catalog, as well as make innovations to improve the consumer experience, as well as open doors to more authors.
“Spotify aims to be the resource for audio content of all kinds, for listeners and creators. Findaway will accelerate the presence of Spotify in this space,” said Gustav Söderström, its Director of Research.
Findaway will remain headquartered in Solon, Ohio, and will continue to be led by Mitch Kroll, the company’s founder and CEO, who will report to Nir Zicherman, Head of Audiobooks at Spotify.
Reference-www.eleconomista.com.mx