Image: Findaway

Spotify’s purchase of Findaway, a platform that allows users to create, distribute, and monetize their own audiobooks, cost it €117 million, or around $123 million USD, the company revealed today. Findaway will provide the infrastructure for what will become the third pillar of Spotify’s business. The streaming service first announced the acquisition last November.

“We believe that audiobooks, in their many different forms, will be a massive opportunity,” Spotify CEO Daniel Ek told investors at a presentation last month. “And just as we’ve done in podcasting, expect us to play to win.”

Audiobook features are coming “quite imminently”

Spotify’s acquisition of Findaway is reminiscent of when it bought Anchor in 2019. Like Anchor, Findaway…

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