Spotify paid $123 million for Findaway, the bedrock of its audiobook ambitions - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/07\/28\/spotify-paid-123-million-for-findaway-the-bedrock-of-its-audiobook-ambitions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spotify paid $123 million for Findaway, the bedrock of its audiobook ambitions - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source: Spotify\u2019s purchase of Findaway, a platform that allows users to create, distribute, and monetize their own audiobooks, cost it \u20ac117 million, or around $123 million USD, the company revealed today. 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\n

Spotify\u2019s purchase of Findaway, a platform that allows users to create, distribute, and monetize their own audiobooks, cost it \u20ac117 million, or around $123 million USD, the company revealed today. Findaway will provide the infrastructure for what will become the third pillar of Spotify\u2019s business<\/a>. The streaming service first announced the acquisition<\/a> last November.<\/p>\n
\u201cWe believe that audiobooks, in their many different forms, will be a massive opportunity,\u201d Spotify CEO Daniel Ek told investors at a presentation last month<\/a>. \u201cAnd just as we\u2019ve done in podcasting, expect us to play to win.\u201d<\/p>\n
\nAudiobook features are coming \u201cquite imminently\u201d<\/q><\/aside>\n<\/div>\nSpotify\u2019s acquisition of Findaway is reminiscent of when it bought Anchor in 2019. Like Anchor, Findaway is focused on DIY content and could potentially bring a whole new category of creators to the streamer. Fittingly, Spotify\u2019s audiobook business operates under Nir Zicherman, co-founder of Anchor.<\/p>\n
Audiobook functionality will arrive inside Spotify \u201cquite imminently,\u201d Ek said on Wednesday. Executives have indicated that the service will operate differently than the industry\u2019s dominant player, Amazon\u2019s Audible. Audible subscribers pay $14.95 per month for one credit a month, with one credit worth one book. It is unclear whether premium subscribers will have unlimited access to audiobooks, but content and ad business chief Dawn Ostroff indicated last month that there will be an ad-supported tier.<\/p>\nEk is confident that audiobooks will deliver the kind of earnings that investors are looking for, with profit margins north of 40 percent. With Findaway\u2019s nine-figure price tag, hopefully he will be proven correct. Investors have been disappointed that the company\u2019s big-money investments in podcasting have yet to pay off<\/a>.<\/p>\n
Spotify also revealed the price tag on a couple of other big acquisitions today. Podsights and Chartable cost the company a combined \u20ac83 million (around $94 million USD at the time), and Sonantic cost \u20ac91 million (around $96 million USD). No price tag yet for Heardle, though.<\/p>\n
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<\/br><\/code><\/p>\nSource: https:\/\/www.theverge.com\/2022\/7\/28\/23280187\/spotify-findaway-audiobook-podcasts-audible-amazon<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
Source: Spotify\u2019s purchase of Findaway, a platform that allows users to create, distribute, and monetize their own audiobooks, cost it \u20ac117 million, or around $123 million USD, the company revealed today. Findaway will provide the infrastructure for what will become the third pillar of Spotify\u2019s business. The streaming service first announced the acquisition last November. […]<\/p>\n","protected":false},"author":1,"featured_media":11109,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[28,8],"tags":[29],"class_list":["post-11108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entertainment","category-technology","tag-entertainment"],"yoast_head":"\nSpotify paid $123 million for Findaway, the bedrock of its audiobook ambitions - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/07\/28\/spotify-paid-123-million-for-findaway-the-bedrock-of-its-audiobook-ambitions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spotify paid $123 million for Findaway, the bedrock of its audiobook ambitions - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source: Spotify\u2019s purchase of Findaway, a platform that allows users to create, distribute, and monetize their own audiobooks, cost it \u20ac117 million, or around $123 million USD, the company revealed today. 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