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Spotify Closes Acquisition of Findaway, Mounting Challenge to Audible in Audiobooks
Todd Spangler NY Digital EditorSpotify announced that it has closed the deal to buy audiobook distributor Findaway, touting the potential to expand beyond music and podcasts into the “substantial market opportunity” for audiobooks.The audio streamer has not disclosed the financial terms of the Findaway deal, announced in November. Originally, Spotify had expected the acquisition, which was pending regulatory clearances, to close in the fourth quarter of 2021.In the audiobook space, “just as we’ve done in podcasting, expect us to play to win,” Spotify CEO Daniel Ek said last week at the company’s 2022 investor day.
