Good news for fans of Spotify and audiobooks. Spotify has announced it plans in building an audiobook platform as its next business venture. This news comes after the music and podcast streaming platform acquired audiobook platform Findaway last year.
A “massive opportunity” for Spotify
Findaway’s audiobook platform allows authors to create, distribute, and monetize their work. According to its website, it offers “full-service managed production for audiobooks and other audio formats.”
This acquisition will serve as the perfect stepping stone for Spotify as it dives into a new industry. CEO Daniel Elk expects audiobooks to be a “massive opportunity” for Spotify as it continues to identify itself as an industry leader.
We see the opportunity to continue to imagine and explore new verticals across our platform—within audio, but also beyond.
Apple could release audiobooks as well
Spotify and Apple could go head-to-head in yet another service as Apple may release its own dedicated audiobook service. As we previously reported, an article from The Economist mentions Apple’s role in the streaming war competition. It also mentions a possible next move for the tech giant.
In the past couple of years Apple has made smaller media bets including Arcade, a subscription gaming package, News+, a publishing bundle, and Fitness+, which offers video aerobics classes. There is talk of an audiobooks service later this year.
Bloomberg’s Mark Gurman has also reported in Power On that fans should expect more services from the company in 2022.
Findaway deal not yet final
Additionally, The Verge brings up an important point – the Findaway deal has not officially closed. The acquisition took place in November of last year and is still under review by the Department of Justice’s antitrust division. A date for the release of the audiobooks service has yet to be announced.
As Spotify is building its audiobook platform, it seems inevitable that Apple will release its own service. While it offers audiobooks on Apple Books, it’s not its own service like Amazon’s Audible for instance. Both companies offer multiple competing services already like podcasts and music streaming. With that in mind, there’s no way Apple will let Spotify reign supreme in audiobooks.
Apple vs. Spotify – which one do you choose?
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