Spotify, the Swedish digital music service company, announced its acquisition of Niland, a French music and artificial intelligence (AI) startup. The financial terms of the transaction was not disclosed.
In its announcement, Spotify noted that Niland is a game changer in using AI technology when in it comes to optimizing music search and recommendation capabilities. The Swedish digital music service company added that the French music AI startup shares its passion for suggesting the right content to the right user at the right time.
Spotify and Niland is a perfect fit
Spotify said Niland’s innovative approach to AI and machine learning based recommendation systems is a perfect fit” for its team.
On the other hand, Niland founders Damien Tardieu, Christophe Charbuillet, and Johan Pages said Spotify “changed the music industry and revolutionized music consumption in less than a decade.” They also noted that it succeeded in bringing the most innovative products to the music streaming market.
“We couldn’t imagine a better partner for our next chapter,” said Tardie, Charbuillet, and Pages in a blog post.
Niland’s team will be joining Spotify’s research and development (R&D) staff at its New York office to help continue innovating and improving its recommendation and personalization technologies.
“We are very proud to join this experienced team that combines cutting-edge science, engineering and design. We will keep working on new ways to better understand music to craft better innovative listening and discovery experiences,” said the Niland founders.
Spotify is focusing on personalization and recommendation technologies as integral parts of its service by offering tailored playlists to its members such as Release Radar and Discover Weekly, which separates the company from other online music streaming service providers.
Over the past few years, Release Radar and Discover Weekly have become very popular among users. Within the first year of its launching, Discover Weekly reached 40 million users, who collectively streaming more than five billion tracks—an outstanding milestone that highlights the significance of personalized playlist curation.
Earlier this year, Spotify also purchased Mighty TV, a content recommendation startup and Sonalytic, an audio detection startup.
Spotify is expected to list on NYSE
Spotify has more than 100 million listeners. Its paying members reached 50 million in March. Its user base is significantly larger than the 20 million users (as of December) of Apple Music, its closest competitor in the music streaming industry.
CNBC reported last week that Spotify is considering a direct listing on the New York Stock Exchange (NYSE) when it goes public before then end of this year or early in 2018. The Swedish music streaming company is valued at $13 billion, according to sources. Its revenue growth rate is around 43%.
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