acquired by Warner subsidiary
Mon, 20th October 2014 acquired by Warner subsidiary

By Matthew Ord, Digital Staff Writer

Newcastle-based, which collects playlists created for Spotify, has been acquired by WEA, a subsidiary of major music label Warner Music Group.

Launched in 2009 by chief executive Kieron Donoghue, the company's website and apps were attracting more than 1.1 million users a months at the beginning of 2014.

Donoghue, who will remain chief executive of the company, said: "We were approached by WEA earlier in the year to discuss ways in which we could collaborate and it became apparent that there was much to be gained by us joining forces.

"What's really exciting is that WEA have committed to support as an independent platform, invest in its future and grow the team to take advantage of new opportunities in the streaming ecosystem.

"There is a huge appetite in WEA to further embrace streaming, develop new concepts and really innovate in this growing sector."

WEAs senior vice president Larry Mattera added: "Kieron’s success is due to the fact that he is a huge music fan, and has a uniquely creative take on how to engage other music fans.

"This investment will enable Kieron to expand on his existing formula for success, as well as work to create new music experiences."

Terms of the deal remain undisclosed.

Article by
Matthew Ord

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category North East  |  source Insider Media