![]() ![]() Its distribution platform, or more specifically its user base, therefore offers "big potential" to publishers.Īs a publicly quoted company in the investment phase of its evolution – a polite way of saying it only ever seems to make a profit accidentally – Spotify absolutely must diversify into less mature adjacent markets. Now the company, led by founder Daniel Ek, says it has surveyed its users and discovered that many of them who listened to true crime podcasts went on to buy true crime audiobooks. After carving out the music streaming industry we know today but finding itself at the mercy of the Big Three labels, Spotify segued into podcasts in 2018, snapping up the platforms Anchor and Gimlet and then buying exclusive rights to US-targeting podcasts from Michelle Obama, Harry-and-Meghan and vaccine misinformation spreader Joe Rogan. It overheard its rivals staging an audiobook party, decided it wanted in and soon it plans to barge into the kitchen popping other people’s corks.įor an undisclosed sum, the Stockholm-founded, New York-listed audio streamer has bought Findaway, a US audio tech company that has partnerships with audiobook publishers including Amazon's Audible, Apple iBooks, Google and Sweden's Storytel and also owns the audiobook self-publishing house Voices. The latest plot twist in the saga of Spotify is one we should have seen coming: the company that describes itself as “the world’s most popular audio subscription service”, is getting into audiobooks.
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