Like Niland, the latter startups based their offerings on artificial intelligence, which suggests that the technology is emerging as a major priority for Spotify. Niland's algorithms "teach" machines to transform music content into specific packages of data, which is considerably different to what current services do. Niland, on the other hand, has been researching on ways to extract meaningful information from raw music content in order to form connections with other music.
"The innovative approach to AI and machine learning based recommendation systems is a ideal fit for the Spotify team", the company said in a statement. They also noted that it succeeded in bringing the most innovative products to the music streaming market.
Just from the announcement alone, it is clear that Spotify was interested in Niland based primarily because of its ability to better hone the company's recommendations, which have become one of the many features that have helped separate Spotify from other streaming platforms over the years.
GST Council meet from today to fix rates on goods, services
Services are likely to be placed in two slabs of 12 per cent and 18 per cent, with a likely status quo for now exempted services. The tax rate on gold has not been finalised yet, he said, adding that the Council will meet again on June 3.
The popular music streaming service described Niland's "innovative approach to AI and machine learning based recommendation systems" as a flawless fit as it looks for new ways to connect users with new and relevant music.
Earlier this year, Spotify also purchased Mighty TV, a content recommendation startup and Sonalytic, an audio detection startup. The provider offers a tool called Release Radar that produces a personalized selection of new releases for users every week, as well as an automatic playlist generator that has attracted 40 million listeners within its first year. Its paying members reached 50 million in March.
Streaming music powerhouse Spotify has announced yet another acquisition this morning, this time in the machine-learning field. Its revenue growth rate is around 43%.
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