Spotify closes purchase of audiobook leader Findaway
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Spotify (NYSE:SPOT) has closed its acquisition of Findaway, a platform for distributing audiobooks.
It had come to a deal for Findaway in November, offering Spotify a path to quickly scale up its book catalog while providing new routes to market for publishers, authors and creators.

There's substantial opportunity in the space, Spotify says, noting the audiobooks market is expected to grow from $3.3 billion to $15 billion by 2027.
The closure is the next step in what looks to be Spotify facing off against Audible (AMZN).
At last week's Investor Day, Spotify signaled heavier investment in its podcasting and audiobooks initiatives, and thinks that in time, the sky is the limit; CEO Daniel Ek said: "Call that an annual opportunity of $70 billion for us to expand and eventually compete for. And just as we've done in podcasting, expect us to play to win."