Music streaming firm Spotify has purchased The Echo Nest to create a better music discovery service for its customers. The financial terms of the acquisition were not disclosed, according to VentureBeat.
The Next Web cited Spotify founder Daniel Ek saying: "We've been fans of The Echo Nest for a really long time and honoured to have their talented team join Spotify. 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."
Under the terms of the said deal, The Echo Nest will continue to operate from its headquarters is Somerville and San Francisco. The Australian music streaming firm also said it will not shut down The Echo Nest's API. Spotify will use The Echo Nests' music curation tools to enhance its users' music discovery experience, the report explained.
The Echo Nest has been powering the radio service of Spotify. Because of this transaction, the latter has gained additional traction over its rivals such as Rdio and MTV, VentureBeat reported.
Join the Conversation