Spotify acquires The Echo Nest
Music streaming service Spotify has acquired The Echo Nest, which is a music discovery service. The Echo Nest was used for powering Spotify’s radio service. Spotify CEO Daniel Ek claims that this deal will lead to the “best music intelligence platform on the planet.”
“The addition of The Echo Nest to Spotify will also strengthen Spotify’s ability to help brands and partners build amazing music experiences for their audiences,” said Spotify in a release.
Some of The Echo Nest’s other customers include Vevo, Rdio, MTV, and Twitter. Spotify said that The Echo Nest’s APIs will not be shut down.
The Echo Nest team will remain intact at their headquarters in Somerville, Massachusetts. Some of The Echo Nest’s investors include Matrix Partners, Commonwealth Capital Ventures, and Argos Management.