Saturday, March 08, 2014

Spotify Paid $100 Million For The Echo Nest plus Industry Reactions

Hypebot reports -
"The Echo Nest had received $23.6 million in funding since launching in 2008. Major investors include Commonwealth Capital Venture, Norwest, Martix and Jim Pallotta. Spotify has raised $538 million since its founding in 2006.

In addition to improved music data, yesterday's deal may be part of Spotify's preparation for an IPO, according to several sources.

Music industry consultant Mark Mulligan says the Spoitfy Echo Nest deal has "established ideological fault lines between it and rival Beats Music. While Beats has put its faith in human curation Spotify has bet big on algorithms. It’s men against machines.""

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