Spotify Targets Audiobook Market with Purchase of Findaway

Music streaming powerhouse Spotify is expanding its narrative footprint with the acquisition of audiobook distributor Findaway. The purchase brings Spotify a large catalog of audiobooks as well new revenue streams not only through audiobook sales and subscriptions, but through units like Findaway Voices, which provides turnkey services for authors who want their writings recorded. Spotify’s evolution to all-things-audio follows the company’s Q3 announcement that its podcasting business had overtaken market leader Apple in terms of downloads. Spotify says it expects the global audiobook sector to grow from $3.3 billion today to $15 billion by 2027. Continue reading Spotify Targets Audiobook Market with Purchase of Findaway

Spotify Expands Ad Options by Targeting Podcast Listeners

Spotify, which now has 123 million worldwide users of its ad-supported audio service, is expanding its podcast business by offering advertisers the ability to target consumers based on the types of podcast programs they are streaming. Brands across 10 global markets (Australia, Brazil, Canada, France, Germany, Italy, Mexico, Spain, United Kingdom and United States) will have the option of targeting Spotify Free users based on podcast categories such as “Business & Technology,” “Comedy” and “Lifestyle & Health.” 3M and Samsung have been testing the new ad-targeting tool. Continue reading Spotify Expands Ad Options by Targeting Podcast Listeners