Spotify snaps up Massachusetts music data firm The Echo Nest
MUSIC streaming service Spotify yesterday bought The Echo Nest, a Massachusetts-based music data firm that helps users put together playlists and generates recommendations.
Financial terms of the deal were not disclosed, but the tie-up will give Spotify access to The Echo Nest’s database of more than 30m songs.
“We’ve been fans of The Echo Nest for a really long time and honoured to have their talented team join Spotify,” said Daniel Ek, founder and chief executive of Spotify.
Earlier this month it was reported that Spotify is recruiting a US financial reporting specialist, adding to speculation that the Swedish start-up is preparing for a share listing, which one banker said could value the firm at as much as $8bn.