Australian streaming platform Guvera has acquired Blinkbox Music from Tesco in a deal understood to be worth close to £4m.
Formerly WE7 and rebranded following its purchase by Tesco, Blinkbox Music boasts 2.5 million app registered users and serving around 100 million streams a month.
In March 2014 Guvera became Chinese manufacturer Lenovo’s worldwide music partner and the service was pre-installed into the company’s handsets, creating a possible market spanning 160 countries.
Michael de Vere, Guvera’s Global Chief Operating Officer, commented: “The acquisition of Blinkbox Music is an important new chapter in the Guvera story, adding significant firepower to our product – both in terms of technical expertise and an established and loyal audience in the UK.”
Phil Quartararo, Chief Content Officer and President of Guvera USA, added: “Looking broadly at where great technology is coming from, London is firmly the place to be. It certainly feels like it’s becoming the Silicon Valley for music streaming.”Music Business Worldwide