So what does that mean for the publishing industry? It’s complicated, according to Michele Cobb, executive director of the Audio Publishers Association (APA). But at the same time, most of Findaway’s creators are not exactly going to be the next Sally Rooney, and it is unclear how and at what price top-tier books will be made available on Spotify. Apple and Google offer audiobooks for purchase, with popular titles normally priced at $15 or more. Both services cost $14.95 per month for access to top titles. Subscription services from Amazon’s Audible and are based on credits (1 credit per book). If that is the case, it would be a massive change for the industry. Ek said the freemium model will be applied to audiobooks, and content and ad business chief Dawn Ostroff said, “We’re looking at bringing ad monetization into audiobooks.” How the model will work is not entirely clear, but it appears that at least some of the audiobooks will be free. However, the deal is still under review by the Department of Justice’s antitrust division. It was first announced in November 2021, with an expected acquisition date before the end of 2021. One thing to note, though: the Findaway deal has not actually closed yet. It’s fitting, then, that the executive overseeing audiobooks at Spotify is Nir Zicherman, co-founder of Anchor. It allows authors to create, distribute, and monetize their work, and with the acquisition, Spotify will snag a key part of the audiobook ecosystem. The audiobook platform is in many ways like Anchor.

Spotify’s first big step into that business is its acquisition of Findaway, which was announced last year. “Just as we’ve done in podcasting, expect us to play to win.”

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