Swedish music streaming giant Spotify has acquired digital audiobook distributor Findaway.

Spotify did not share the financial terms of the deal, which is set to close in the fourth quarter of 2021.

Findaway, founded in 2004, connects content creators with audiobook publishers such as Amazon’s Audible, Apple iBooks, Google, and Storytel.

The firm provides both a full-service and self-service audiobook production platform for authors, narrators, and publishers.

Findaway’s service “Voices” allows authors to self-publish.

This is not the first time that the Swedish company has made acquisitions in the podcast space, the firm acquired both podcast-focused digital media company Gimlet and podcast creation platform Anchor in 2019.

Spotify said Findaway’s technology infrastructure will enable it to quickly scale its audiobook catalogue and innovate in terms of consumer experience, providing new avenues for publishers and authors to reach audiences.

Findaway will continue to be led by founder and chief executive Mitch Kroll and will remain headquartered in Ohio.

The deal is still subject to regulatory approval.

The audiobook market is expected grow from $3.3 billion to $15 billion by 2027, according to statistics cited by Spotify.

“It is Spotify’s ambition to be the destination for all things audio both for listeners and creators,” Gustav Söderström, Spotify’s chief research and development officer. “The acquisition of Findaway will accelerate Spotify’s presence in the audiobook space and will help us more quickly meet that ambition.”

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