March 7, 2014
SOMERVILLE, MA — March 6 – Spotify today announced that it will acquire the industry’s leading music intelligence company, Echo Nest. The acquisition supports Spotify’s strategy to grow global music consumption and overall revenue back to the music industry by building the best user experience and music discovery engine for millions of global fans.
This deal will allow Spotify to leverage Echo Nest’s in depth musical understanding and tools for curation to drive music discovery for millions of users around the globe. The addition of Echo Nest to Spotify will also strengthen Spotify’s ability to help brands and partners build amazing music experiences for their audiences.
“We've been fans of Echo Nest for a really long time and honoured to have their talented team join Spotify,” said Daniel Ek, Founder and CEO, 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 Echo Nest joining Spotify, we will make a big leap forward in our quest to play you the best music possible.”
“Since founding 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 Jim Lucchese, CEO of Echo Nest. “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."
Echo Nest will continue to operate out of its headquarters in Somerville, MA where it has been a key component of the growing Boston-area tech scene. Echo Nest will also continue to operate in San Francisco. Echo Nest API will remain free and open to support its robust developer ecosystem. The developer community is crucial to the success of both Spotify and Echo Nest and will remain a priority for the combined companies.
About Spotify Spotify is an award-winning digital music service that gives you on-demand access to over 20 million tracks. Our dream is to make all the world’s music available instantly to everyone, wherever and whenever they want it. Spotify makes it easier than ever to discover, manage and share music with your friends, while making sure that artists get a fair deal.
Spotify is now available in 55 markets across the world, with more than 24 million active users and over 6 million paying subscribers: Andorra, Austria, Belgium, Bolivia, Bulgaria, Denmark, Cyprus, Czech Republic, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, The Netherlands, Norway, Poland, Portugal, Slovakia, Spain, Sweden, Switzerland, Turkey, UK, Argentina, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Uruguay, USA, Australia, New Zealand, Hong Kong, Malaysia, Singapore and Taiwan.
Since its launch in Sweden in 2008, Spotify has driven more than a billion US dollars to rights holders. Spotify is already the second biggest source of digital music revenue for labels in Europe (IFPI, 2011) and the biggest and most successful music streaming service of its kind globally.