Spotify on Thursday announced it is acquiring Findaway, an audiobook distribution company. Why it matters: With the deal, Spotify hopes to democratize the audiobook space by making it easier for creators to develop and distribute their own audiobooks, instead of having to go through big publishing houses. Catch up quick: Spotify first teased its ambitions to get into audiobooks over the summer, when it announced a partnership that allowed users of subscription audiobook company Storytel to access audiobooks in Spotify's app. Details: Findaway will scale Spotify's audiobook catalog and bring new features to Spotify that will enhance listeners' engagement with books, says Nir Zicherman, head of audiobooks at Spotify. Spotify's goal is to integrate Findaway's tech to evolve audiobook formats and business models to make them more engaging and accessible. The Findaway team will maintain its headquarters in Solon, Ohio. Its founder & CEO Mitch Kroll will report to Zicherman.