Exploration Audio Newsletter - November 12, 2021

Spotify is soon to acquire audiobook distribution company Findaway, marking the company’s first major acquisition in the audiobook space as it competes with other giants like Amazon’s Audible. The purchase is expected to close in the fourth quarter of this year as it is pending regulatory approval.

According to Peloton’s fiscal Q1 2022 (calendar Q3 2021) results, the fitness company posted a 6% year-on-year increase, marking a significant deceleration compared to the prior year quarter, when Peloton’s revenues rocketed by 232% YoY. As a result, annual revenue forecasts have been reduced from $5.4 billion to between $4.4 and $4.8 billion total revenue.

Numerous Chinese musicians will now be able to stream their music globally on Apple's platform after Apple Music announced that it reached an agreement with Tencent Music Entertainment (TME) this week. Music from record labels and artists that are part of TME Cloud Music will become available on Apple Music.

 

Exploration: https://exploration.io/exploration-weekly-spotify-enters-audiobook-space-peloton-reduces-annual-revenue-forecast-tme-and-apple-music-ink-global-streaming-deal/

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