Spotify Acquires The Echo Nest
The music streaming app and desktop platform Spotify, which plays tunes for users without the hassle of downloading music, took on Somerville-based The Echo Nest, the company announced on Thursday.
The company says that 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.”
For the time being, The Echo Nest will continue to operate as normal, maintaining its offices in Somerville, Massachusetts and San Francisco. Also, the company will continue to offer its API, on which numerous music apps are built, for free, Spotify stating that it recognises that “the developer community is crucial to the success of both Spotify and The Echo Nest”.
Given that The Echo Nest powers many of Spotify’s competitors, including eMusic, MOG, VEVO, Twitter Music, and Rdio, how exactly Spotify manages the API moving forward could impact online music across the board.
In a statement, Chief Executive and founder Daniel Ek said the company has “been fans of the Echo Nest for a really long time” and that the takeover will help Spotify’s “quest to play you the best music possible.”
