TeliaSonera buys Spotify stake
TeliaSonera has spent $115 million on a 1.4% stake in digital music firm Spotify.
TeliaSonera and Spotify have shared five years of successful partnership, and the investment will also see the collaboration of resources, staff and other assets.
“We have a long and great relationship with TeliaSonera and I’m pleased we are able to take this to the next level together with this strategic partnership,” said Daniel Ek, Spotify founder and CEO.
A TeliaSonera-Spotify team will be established to create a joint innovation agenda in areas such as media distribution, customer insights, data analytics and advertising.
“We’ve set out to create a new generation telco where innovation is key to our success,” said Johan Dennelind, president and CEO at TeliaSonera.
“Spotify is a great company, loved by customers and with a world class take on innovation I’m excited to join Spotify’s journey as investor and key partner.”