Spotify announces that it made a deal to acquire music data firm The Echo Nest for an unknown amount. Echo Nest is a music service that recommends music, audio fingerprinting and also provides other services. They (Echo Nest) have a database of about 30 million songs which was put through together by a mixture of techniques. Swedish firm Spotify says this technology will help the firm drive music discovery and also build music experience. The service is expected to remain free and open for external developers and the main priority is to attain success for both companies.
Jim Lucchese, CEO of the Echo Nest said the company was created by the founders in order to help fans to discover music and understand the world of music. He further said Spotify gives us the opportunity to continue doing so as part of the fastest-growing service in the world. Since the acquisition, there have been reflections of Spotify growth in market shares which has increased rapidly in the US.
No comments:
Post a Comment