In recent years, we’ve seen how podcasts have become the most comfortable way to consume audio content wherever we are, because it allows us to listen to our favorite programs without depending on a broadcast schedule. More or less the same as video streaming platforms in audio format.
In addition to podcasts, audiobooks have experienced significant growth. Apple with Audible (Amazon) are the two main platforms, not to mention Storytel and which we must now add to Spotify, after the announcement of the takeover of Findaway.
Spotify announced via its official blog that has entered into an agreement with Findaway, a company described in the publication as the “world leader in digital audio book distribution.”
This company provides authors, publishers and consumers with various tools, tools that they allowed independent writers to share their stories.
According to Spotify, the audiobook industry should from $ 3.3 billion today to $ 15 billion in 2027
Together, Spotify and Findaway will accelerate Spotify’s entry into the audiobook space and continue to innovate in the industry, striving to remove current limitations and unlock better, affordable tools for creators.
Findaway’s technology infrastructure will allow Spotify to rapidly expand its audiobook catalog and innovate the experience for consumers, simultaneously providing new avenues for publishers and authors to reach audiences around the world.
Other sources of income
Extending Spotify to other audio formats makes sense, because while it barely receives any money from every reproduction (most of it goes to record labels) in the podcast and audiobook segment, it has a much wider margin.
Spotify plays with an advantage, as it is the only platform that provides access to music, podcasts and audiobooks from a single application.
