Spotify continues to up its bet on data analysis with today's acquisition of MightyTV. The startup's team will be joining Spotify, including Founder/CEO Brian Adams, who will has been named the music streamer's VP of Technology, focusing on advertising and marketing technology solutions.
MightyTV is a Tinder-like video streaming app which can be customized to personal preferences along with the opinions of trusted friends.
Details of Spotify's acquisition of the startup were not revealed, but MightTV had raised $4.25 million, including a $2 million seed round in June of 2016. Principal investors then included Canaan Partners and Spark Capital.
Former Google Doubleclick Publisher Platform exec and MightyTV CEO Brian Adams and his team bring "a vast knowledge of programmatic advertising and personalized recommendations to further develop Spotify’s advertising products, as well as our own marketing technology platforms," the music streamer said in a statement.
“The content recommendation system MightyTV has built is incredibly aligned with how we think about advertising technology and marketing personalization,” said Jason Richman, VP of Product at Spotify. “Brian and his team will help us continue to innovate on free monetization and extend our leadership position in programmatic audio.”
“Spotify has built the leading marketplace for fans and creators,” said Adams. “It’s an enormous opportunity for me and the team to help create native brand experiences that stay true to a product that millions love.”
The MightyTV team will be based in Spotify’s New York City, Toronto and Stockholm offices.