Spotify pays $119 mn for audiobook distributor Findaway’s acquisition

San Francisco: Music streaming platform Spotify has purchased Findaway, a platform that allows users to create, distribute, and monetise their own audiobooks, for 117 million euros (approx $119 million), the company revealed during a Securities and Exchange Commission (SEC) filing.

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, reports The Verge.