Spotify Buys Music Intelligence Firm The Echo Nest

Music streaming service Spotify has acquired US-based music intelligence company The Echo Nest. Terms of the deal have not been disclosed.

Founded in 2005 and based in Somerville, MA, The Echo Nest holds a repository of music data and intelligence to provide developers with an understanding of music content and listeners. Its customer base extends to more than 100 million music fans every month and over 400 applications have been built on its platform. Last November, the firm expanded its platform to offer targeted advertising, based on detailed segmentation of music fans by lifestyle, demographics and devotion to musical genres.

Spotify founder and CEO Daniel Ek says the deal will help his company focus on building the 'best music intelligence platform on the planet'. The Echo Nest will continue to operate out of its current headquarters and from its existing site in San Francisco.

Jim Lucchese (pictured), CEO of The Echo Nest, comments: 'Since founding the business, 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. 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.'

Web sites: www.spotify.com and www.echonest.com .