Spotify didn’t disclose how much the deal is worth, but said that the audiobook market is expected to grow from US$3.3 billion (~RM13.7 billion) to US$15 billion (~RM62.5 billion) in 2027. “The acquisition of Findaway will accelerate Spotify’s presence in the audiobook space,” said Gustav Söderström, Spotify’s Chief Research & Development Officer.
Assuming that the addition of audiobooks comes at no extra cost, this would be of great value to Spotify subscribers. It would pit Spotify directly against Audible, one of the biggest audiobook platforms, and the Apple Books app, adding to the existing rivalry with Apple Music. In an interview with The Verge, Spotify’s head of audiobooks Nir Zicherman said that the Spotify app would gain more audiobooks in early 2022. (Sources: Spotify, The Verge)
