Spotify closed the deal to acquire audiobook distributor Findaway, touting a “substantial market opportunity” in audiobooks. The company operates AudioEngine, a business-to-business audiobooks marketplace, and self-publishing platform Findaway Voices. According to Spotify, Findaway’s technology gives the company access to the growing audiobooks market — which Spotify execs said is expected to grow from $3.3 billion today to $15 billion by 2027.
Source: Spotify Closes Acquisition of Findaway, Mounting Challenge to Audible in Audiobooks
The startup says that its new fund, backed by investment firm Preserver Partners, will see selected indie artists receive financial support as well a being assigned “a team, infrastructure, and resources comparable to major labels while maintaining ownership of their music.” Preserver, also based in Memphis, is headed by President and Chief Investment Officer Floyd Tyler, and has nearly $300 million in assets under management.
On Songistry’s website, the company describes itself as “a frictionless discovery and licensing engine that democratizes access to tv/ film, advertising and gaming licensing opportunities for music creators.” It adds that its “workflows allow licensee’s to identify music with precision and accuracy using proprietary AI.”
In 2021, Spotify’s podcast business generated nearly €200 million in revenue, according to CFO Paul Vogel — up 300% year over year. About 30% of Spotify’s user base, or more than 125 million monthly users, listened to podcasts in the first quarter of 2022, representing 7% of total listening hours on the platform in the period.