STREAMING MUSIC SERVICE Spotify has bought The Echo Nest, a firm that understands music and can make recommendations based on evidence.
Spotify said that its acquisition is a good one that will benefit both it and the punters that it relies on. It suggested that together the firms will increase music consumption, and we assume that it meant streamed music consumption, and build a music discovery system that works.
The firm has also lined up advertisers for some sweet music and will pitch The Echo Nest service at brands and partners.
"We've been fans of The Echo Nest for a really long time and honoured to have their talented team join Spotify," said Spotify founder and CEO Daniel Ek.
"At Spotify, we want to get people to listen to more music. We are hyper focused on creating the best user experience and it starts with building the best music intelligence platform on the planet. With The Echo Nest joining Spotify, we will make a big leap forward in our quest to play you the best music possible."
The Echo Nest will remain at its headquarters in Boston and San Francisco and its application programming interface (API) will be free. That API is used by Spotify's competition and other outfits including Rhapsody, Rdio, Vevo, Nokia and MTV.
The firm is thrilled to be joining the streaming music company. "Since founding The Echo Nest, Brian Whitman and Tristan Jehan have created a company completely and beautifully obsessed with understanding the world of music to help fans discover more music," said The Echo Nest CEO Jim Lucchese.
"Joining forces with Spotify gives us the opportunity to continue doing so as part of the fastest-growing service in the world; we're thrilled to be part of a team equally as passionate about connecting more people with more music."
The two firms apparently will make a good fit, and Spotify, which suggests music that its listeners might enjoy, could find that its targeting and tailoring is a lot more precise. According to The Echo Nest's website it has analysed data on over 35 million songs and 2.6 million artists.
"[Music streaming] will never become the primary medium," said Napster SVP Thorsten Schliesche. "Of course, it will be dominant, and will become more so over the next two years, but people have bought expensive equipment for their homes and will continue to buy CDs." µ
Tags: Social Media