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.
Guvera, which offers both free and paid-for tiers, has licensing deals with major labels including the Universal Music Group, Warner and Sony. It is currently available in 20 markets worldwide.
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