Spotify has acquired the video streaming app MightyTV. Spotify posted a press release on their website today announcing that the popular digital media streaming platform has acquired MightyTV and that its CEO and Founder Brian Adams would be coming on board. Adams and a team of MightyTV experts will be joining the Spotify team, with Adams as Vice President of Technology. Adams will oversee the technology that Spotify uses for its advertising and marketing efforts. Adams has established an impressive background in programmatic advertising, a form of marketing and advertising which uses software solutions to place digital ads online. With his new position as VP of Technology, Adams is in a position to be of great benefit to Spotify as his knowledge can help the company expand on its role as the leader in digital media streaming. Adams and his team will be working from various Spotify offices located in New York City, Toronto, and Stockholm.
According to Spotify’s Vice President of Product, Jason Richmond, MightyTV’s content recommendation system will prove invaluable when applied to the company’s advertising and marketing efforts. In the press release, Richmond said that Adams and the team he is working with are able to help Spotify create new and more innovative ways to handle advertising and monetization. Adams is not only an entrepreneur, he is also an innovator of products within the consumer and advertising technology fields. In 2007, Adams founded Admeld and ran the company for around four years at which point they became one of Google's acquisitions. Adams would remain at Google overseeing Doubleclick until around 2015 when he left Google found MightyTV.
Spotify is a website and application that provides music streaming services to millions of people around the world every day. Fans use the platform to listen to their favorite music as well as to find new artists to listen to. The recommendation technology used by MightyTV is likely to have a positive effect on Spotify and its ability to recommend similar artists to the platform's users. Adams called the acquisition an "enormous opportunity" that is likely to benefit everyone involved, and he has stated that he and his team are looking forward to working with Spotify and taking the platform forward into the future. Today's MightyTV purchase announcement is just the most recent acquisition that Spotify has made as they acquired Sonalytic back in the second week of March.