Since the announcement of intent last November Spotify and Findaway have kept quite about how much was on the table, but this week revealed that sum to be $123 million.
Post-storm internet issues mean I’m running behind on this news, but per The Verge:
Audiobook functionality will arrive inside Spotify “quite imminently,” Ek said on Wednesday. Executives have indicated that the service will operate differently than the industry’s dominant player, Amazon’s Audible. Audible subscribers pay $14.95 per month for one credit a month, with one credit worth one book. It is unclear whether premium subscribers will have unlimited access to audiobooks, but content and ad business chief Dawn Ostroff indicated last month that there will be an ad-supported tier.
A full report on Spotify’s latest numbers will follow just as soon as the engineers come out and realign the internet connection.