Spotify acquires Findaway to explore the Audiobook market growth
After conquering the global music streaming and podcast market Spotify now wants to get into the business opportunity of Audiobooks. As a result of that, Spotify has successfully acquired one of the most prominent digital audiobook distributors “Findaway”. And I say, what a spectacularly great acquisition move by those who are running the company.
This is without any second opinion hands down one of the best decisions that Spotify has ever taken in its entire existence. I feel so happy and excited to know about this news.
The investors of Spotify should be very happy and relieved about the company and its future. This particular acquisition from Spotify seems to be one of the best and most vital pivots the company has done in the past three years. Of course, I say that with considering what it has done with its growth in the global podcasting space in the past year or so.
Now, among all that is happening around in the business world, it is very important to note that this acquisition move of Spotify is coming at a time when the Audiobook market is booming like never before. That can be seen and understood through the skyrocketing rise of audio-based content like podcasts and its global market growth.
And Spotify knows that more clearly than anyone else because it has visibly not just seen but also has experienced growth through some of the riskiest investment moves that it made in the podcasting space for the past couple of years.
It is predicted that the Audiobook industry’s market value is going to grow a minimum of five times in the next four to six years. That is exactly what Spotify wants to capture and take back to the dinner table for its wall street investors. And I can’t personally wait to see that happen.
Now coming back to know a little more about Findaway, it is actually a platform that helps writers and publishers turn their normal book into an Audiobook and distribute it basically to every possibly Audiobook hosting/selling service on a global level.
Along with that, Findaway also offers at least six different services under its multi-brand to create, distribute, and sell Audiobooks seamlessly with a great amount of ease for the paperback book writers and publishers.
The combination of a platform like Findaway with Spotify and its 381 million active users is exactly what is needed to take the business performance of Spotify on a growing graph scale for the next five years to come.
Kudos to everyone from Spotify behind this acquisition deal they have really done a great job.
Thank you for reading this, and God Bless Everyone.
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