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Spotify closes acquisition of digital audiobook company Findaway

Spotify Technology SA completed its acquisition of digital audiobook distributor Findaway World LLC, according to a June 16 announcement.

The Spotify AB parent struck a definitive agreement to acquire Findaway in November 2021.

Financial terms of the transaction were not disclosed.

The transaction will help Spotify grab a slice of the substantial audiobooks market, which is expected to grow to $15 billion from $3.3 billion by 2027, according to the news release.