Spotify is making big moves into the music subscription business, with the service announcing that it is buying the Ladeeda Music Company and Pearson Music Company.
Spotify has said that it will sell Ladeadeeda’s subscription music streaming service and Peacher Music to Spotify for $1.3 billion.
The acquisition is a sign of the growing power of Spotify and a sign that Spotify is growing beyond the music industry, as the company is increasingly offering music streaming to people around the world.
Ladeeda, a music company based in Los Angeles, is the parent company of Ladea and its streaming music service.
Lance Armstrong is the founder and CEO of LADEEDA, which also produces podcasts, has produced several music videos, and was the lead artist in the critically acclaimed, critically acclaimed album “LIVE at Ladelda.”
Peacher Music, which was founded in 1999, is a music subscription service based in New York City.
It was founded by former Ladeeda executive and Spotify chief business officer Steve Kondik.
Peacher has been around for more than 15 years, but its subscriber base has grown significantly in recent years, to nearly 300 million people.
Spotify acquired Peacher last year for $350 million.