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Wednesday, January 20, 2016
Spotify Buys Music Social Network Apps Soundwave


Spotify is stepping up the competition against Apple Music and European rivals Deezer and Tidal with a pair of acquisitions aimed at making it easier to discover and share music with friends.

The music-streaming service has acquired Soundwave, an app downloaded more than 1.5 million times. It lets users explore music with private groups and see what music is trending nearby. The second purchase is Cord Project, a voice messaging service for phones, tablets and smartwatches.

Financial details of the acquisitions were not disclosed.

Deezer also announced it has raised 100 million euros ($109 million) from a group of investors led by billionaire Len Blavatnik.

Spotify, with more than 20 million subscribers and a valuation of about $8.2 billion, is expanding its services to win over customers as rival Apple adds to its 10 million subscriber base.





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