According to a release issued on 10 May 2012, Samsung Electronics has acquired mobile entertainment startup mSpot. Although the exact financial terms were not released to the public, previous reports have indicated an acquisition price of $8.8 million.
mSpot also allows users to upload music to a cloud-based service and then stream the content from a range of devices such as PCs, Macs, iPhone, iPad and Android devices. In 2011, the company launched a Pandora-like radio-service for users to to stream their personal music collections.
mSpot is unlikely to be able to compete with Apple, Amazon and other established companies in the content-streaming industry, so the acquisition is likely to be the best for the startup. mSpot raised $2.3 million in funding from Trinity Ventures.
According to Samsung, mSpot’s technology will be used to provide ‘entertainment experience of music, video and radio services for users of Samsung devices, while extending mSpot’s cloud and streaming solutions to a broader base of global entertainment fans… mSpot’s entertainment services will be a key integrated offering on newly announced Samsung mobile devices.’
The acquisition includes both technology, assests and human resources under mSpot.
Source: Tech Crunch