Exclusive financial advisor to Spotify USA Inc.
KPMG Corporate Finance LLC acted as exclusive financial advisor to Spotify USA Inc.
KPMG Corporate Finance LLC is pleased to announce the sale of Playaway Products LLC (Playaway), a subsidiary of Spotify USA Inc. (Spotify), to Penguin Random House Audio, a division of Penguin Random House LLC.
KPMG Corporate Finance acted as exclusive financial advisor to Spotify on the sale of Playaway, formerly a division of Findaway World LLC, which was acquired by Spotify in June 2022.
“Penguin Random House is the right strategic partner for Playaway Products. It was immediately apparent from the first conversations with the audio team that our cultures and vision align perfectly. I’m eager to enter this new chapter together with our whole team, along with our customers and partners,” said Gene LaMarca, CEO, Playaway Products.
Playaway Products LLC revolutionized the business of audiobooks in 2005 with Playaway, a pre-loaded audiobook player. Since then, Playaway Products has expanded into a portfolio of innovative technology solutions that continue to transform the way the world's best audiobook, app, eBook, and video content is circulated in more than 40,000 libraries, schools, and military installations. Playaway Products' mission is to make digital content accessible to everyone, promote literacy, and bridge the digital divide.
KPMG’s deep industry expertise and relationships with both financial and strategic buyers, track record of delivering results, as well as our extensive middle-market dealmaking and corporate divestiture experience, led to our success.
About Spotify
Spotify is the world’s most popular audio streaming subscription service with a community of more than 381 million Monthly Active Users and 172 million Premium Subscribers. With a presence in 178 markets, and more than 70 million tracks including 3.2 million podcast titles, it has transformed the way people access and enjoy music and podcasts.
About Penguin Random House Audio
Penguin Random House Audio is the premier publisher in the audiobook industry, dedicated to producing top-quality fiction and nonfiction audiobooks written and read by the best in the business. Penguin Random House, the world’s largest trade book publisher, is dedicated to its mission to ignite a universal passion for reading by creating books for everyone.
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