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Spotify Says ‘No’ To Sales Rumor
June 20, 2016 by admin
Filed under Around The Net
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Daniel Ek, co-founder of Swedish music streaming service Spotify which boasts the largest paid subscriber base in the world, said on Thursday he had no intention of selling the company.
While investors believe privately owned Spotify is probably heading for a public listing, some industry analysts see the loss-making company as a takeover target for a larger tech giant with deeper pockets.
“My selfish ambition with Spotify is just trying to show … that we can create one of those super companies here in Europe,” he told journalists at the symposium Brilliant Minds, which aims to bring artists and musicians together with the tech community.
Asked if that meant he was not up for selling the firm, Ek said: “I’m not going to sell, no.”
Spotify, founded in 2006, pays more than 80 percent of its revenue to record labels and artists and has not yet shown a profit as it spends to grow internationally. It competes in a business crowded with formidable rivals such as Apple Music, Google Music and YouTube.
Many other European tech start-ups have been swallowed up by bigger Silicon Valley competitors.
Ek said Silicon Valley got an earlier start in building up its tech giants but that Europe finally has the right conditions to support its own entrepreneurs.
“For the first time now there’s an ecosystem around it with capital and experience that can actually help guide entrepreneurs,” he said.
“The number one advice I tell everyone is ‘don’t sell’, because that’s the biggest problem we have. All these things could grow gigantic if you just kept the course and kept doing what you’re doing,” he added.
Last year Spotify made an operating loss of 184.5 million euros ($205 million), widening from 165.1 million in 2014.
Spotify, whose investors include Northzone, DST Global and Accel, does not disclose details about its ownership but the co-founders no longer own a majority, having sold off stakes.
Courtesy-http://www.thegurureview.net/aroundnet-category/spotify-says-no-to-sales-rumor.html
Yahoo On A Buying Spree
Yahoo has purchased a mobile gaming company, Loki Studios, taking its total acquisitions this month to four.
The company said over the weekend it welcomed Loki, Astrid, GoPollGo and MileWise to its growing mobile team. “We recently added 22 entrepreneurs to our growing mobile team,” the company said in a Twitter message in a possible reference to some of the people from the four companies who have moved to Yahoo.
Loki’s flagship application is its location-aware game, Geomon. “We are thrilled to be joining the exceptional folks at Yahoo!. We believe fully in their commitment to creating outstanding mobile products,” the Loki team said on their website.
Earlier in the week, Yahoo also acquired GoPollGo, a social polling tool. The company’s founder and team said they were moving to Yahoo, and would no longer be supporting their offerings.
It is not clear whether Yahoo has bought all these companies for their products and technology or just to get their experienced staff in the area of mobile as it tries to build up its own mobile capabilities. The way the services are being shut down suggests that their user base did not particularly interest Yahoo. The company could not be immediately reached for comment.
White House Threatens Net Veto
The executive office of U.S. President Barack Obama stated Tuesday that the White House strongly opposes passage in the Senate of a resolution that could impact the equal availability of the Internet to all classes of users.
The resolution introduced in the Senate disapproves a rule submitted by the Federal Communications Commission in December on the net neutrality issue, and states that it should have “no force or effect”.
If the President is presented with the resolution, S.J. Res. 6, which would not safeguard the free and open Internet, his senior advisers would recommend that he veto it, the administration said.
The FCC Report and Order adopted the rule that fixed broadband providers may not unreasonably discriminate in transmitting lawful network traffic”. A “no blocking” rule states that fixed broadband providers may not block lawful content, applications, services, or non-harmful devices. Mobile broadband providers are also prohibited from blocking lawful websites, or block applications that compete with their voice or video telephony services.
The U.S. House of Representatives has already passed in April a Republican-backed resolution disapproving the FCC rules, and asking for their roll back.