Spotify and Findaway Announced today that Findaway Voices, an audiobook distributor for independent authors, is waiving its 20% distribution fee for audiobooks purchased on Spotify. Streaming service acquired digital audiobook distributor Look for in November 2021.
Findaway says the change means Spotify now offers the highest royalties authors can earn when selling their audiobooks with Findaway Voices. The move sees Spotify courting independent authors to its platform with the lure of higher profits.
“We are pleased to announce that, starting in May, there will be no Findaway Voices 20% distribution fee for audiobook royalties with Spotify,” the company wrote in a statement. blog post. “The Findaway Voices pricing structure for audiobook distribution is a very simple 80/20 share, where you keep 80% of your royalties. Our standard price 80/20 it will remain the same for all other partners, except Spotify, where we no longer charge a 20% distribution fee. When your audiobook is sold on Spotify, you now receive a full 50% of the list price you set. Authors can find a new audience on Spotify which recently announced that its global monthly active listeners now stands at 515 million.”
With this update, Spotify makes its platform more attractive to authors. Spotify says it’s at the beginning of its journey to support independent authors and has plans to help authors expand their reach, maximize revenue and build a strong audiobook business, noting that today’s news is part of this goal.
In recent years, Spotify has been working to expand beyond music. The streaming service has invested hundreds of millions to build its podcast business and has been preparing to take on the audiobook industry. Last September, Spotify released support for audiobooks for users in the United States. The initial release included 300,000 titles.
Like other audiobook apps, Spotify offers a standard set of features, including the ability to download titles for offline listening, rate titles, adjust playback speed, and listen on all devices.
Spotify expanded audiobook service to the UK, Ireland, Australia and New Zealand last November, and then brought it to canada in March. At the time, Spotify said that its catalog had grown to 350,000 titles. The company noted that it is “seeing positive engagement,” without sharing any kind of metrics for what that would look like.
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