Spotify, a giant in the field of online music and video streaming websites, has announced today that they have acquired MightyTV. The video recommendation website that worked in a Yes or No swipe mode much like on the lines of Tinder, rose to fame soon after being founded as more and more online content came to be stored up on streaming websites and it became a hassle for users to search for their favorite content.
MightyTV specialized in giving accurate user recommendations after a few swipes that led to the content the users want to watch. The recommendations came from user input as well as the recommendations from trusted friends. Combined together it gave a great user experience in comparison to video streaming giants like Netflix, where most of the user time was wasted in searching for the right content instead of watching the content.
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MightyTV shut down after the acquisition and the CEO of MightyTV Brian Adams becomes the VP of technology at Spotify managing their marketing and media. Brian Adams is not the only one to get a position at Spotify. There were an eight member team at Spotify and all of them will be filling in different Spotify offices across the countries of United States, Canada and Denmark. Although the startup MightyTV was less than a year old but it was a huge success and had a great potential.
Spotify’s plans for MightyTV
The interesting thing is the question that what will Spotify put MightyTV to use for. There are a couple of theories about it. spottily might use it for discovery of new music by the users. And of course to make the user recommendations better and more customized for each user.
It might also be used for putting up ad campaigns in accordance with user preference. However we know that Spotify is really bent upon improving the user experience because a couple of weeks ago it acquired another startup called Sonalytic. This startup also aims at improving the recommendations for the users.
Spotify has a giant music library comprising of well over thirty million songs. There is a dire need for the site to develop good targeted recommendations that not only take the users to the songs of their favorite singers but also to discover new music that will suit the listener’s taste.
Spotify has over 100 million regular users and out of that 50 million are paid users. With such a heavy traffic on the site and payments from the users it can be assumed that the company will be rolling in millions but Spotify rightly pays seventy percent of the earnings as the royalties to the music labels. However it has still faced lots of criticism notably from singers like Taylor Swift and Thom Yorke because according to them sales of music albums decrease because of online music streaming services like Spotify and in addition to royalties, artists must be compensated for that also.
Source Spotify newsroom
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