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This article was published on June 14, 2012


    UK supermarket giant Tesco acquires music streaming service We7 for $16.75m

    UK supermarket giant Tesco acquires music streaming service We7 for $16.75m
    Martin Bryant
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    Martin Bryant

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    Martin Bryant is founder of Big Revolution, where he helps tech companies refine their proposition and positioning, and develops high-qualit Martin Bryant is founder of Big Revolution, where he helps tech companies refine their proposition and positioning, and develops high-quality, compelling content for them. He previously served in several roles at TNW, including Editor-in-Chief. He left the company in April 2016 for pastures new.

    UK-based supermarket giant Tesco has announced that it has acquired music streaming service We7 for £10.8m ($16.75m).

    The retailer says that it will “offer customers a wider choice in how they consume music and complement Tesco’s current music offer in store and online.” The move broadens its online content offerings. It also recently acquired Blinkbox, a video streaming service.

    Tesco has acquired a 91% stake in We7 as of today and says it will purchase the remaining shares within a period of weeks.

    Founded in the UK in 2007 with backing from former Genesis frontman Peter Gabriel, and fully launched as a music streaming service in late 2008, We7 has shifted its business model a few times in its lifetime, most recently offering a radio format similar to Pandora but with the option to get breaking news alerts and other radio-style features.

    Despite expanding into Belgium and Ireland last year, We7 was blighted by reports of huge financial losses. Now as a part of Tesco, the service will take on Spotify and the other players in a competitive market with the support of a highly successful multinational retailer.

    Image credit: LoopZilla