Spotify Has Purchased the Findaway Platform
Michael Hemsworth — November 12, 2021 — Business
References: newsroom.spotify & geeky-gadgets
The audiobook market is continuing to heat up as consumers seek to listen to their choice of title at their leisure, which is evident with the acquisition of the Findaway audiobook platform by Spotify. The purchase of the audiobook platform by the music streaming service will help the brand to greatly enhance its offerings and keep its subscribers satisfied with some of the latest content. This could also help the brand to increase its subscribers by drawing them in with access to a full range of audio content at their leisure.
The Findaway platform acquisition was explained further by Spotify in a statement: "Together, Spotify and Findaway will accelerate Spotify’s entry into the audiobook space and continue to innovate the industry, working to remove current limitations and unlock better economic tools for creators. 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 and authors to reach audiences around the globe."
The Findaway platform acquisition was explained further by Spotify in a statement: "Together, Spotify and Findaway will accelerate Spotify’s entry into the audiobook space and continue to innovate the industry, working to remove current limitations and unlock better economic tools for creators. 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 and authors to reach audiences around the globe."
Trend Themes
1. Audiobook Streaming - As consumers continue to demand the ability to listen to books at their leisure, audiobook streaming is becoming an increasingly popular trend, with platforms like Spotify seeking to expand their offerings.
2. Audiobook Production and Distribution - With the acquisition of Findaway, Spotify is focused on innovating the audiobook industry by creating new tools for creators and enabling them to reach global audiences through the streaming service.
3. Competitive Acquisition Strategies - Spotify's acquisition of Findaway is a strategic move aimed at keeping subscribers satisfied with a wider range of offerings while also drawing in new subscribers to the streaming service through access to a full range of audio content.
Industry Implications
1. Streaming Services - Streaming services like Spotify are continuing to expand their offerings beyond music, seeking to dominate the audiobook market by acquiring platforms like Findaway.
2. Publishing - The audiobook industry is presenting new opportunities for publishers to reach global audiences through partnerships with streaming services like Spotify that offer new distribution channels and innovative tools for creators.
3. Technology Infrastructure - Findaway's technology infrastructure is a key component of the acquisition, as it will enable Spotify to quickly scale its audiobook catalog and innovate on the experience for consumers.
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