spotify

Things are moving rapidly these days in startupland, particularly in the suddenly crowded red-hot audio space.

Just six months ago, Betty Labs pivoted for a third time – from sports gambling to live audio – and the third time proved to be the charm, as Spotify announced Tuesday it was buying the Los Angeles company for an undisclosed sum.

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Spotify is now matching your music taste to podcasts. The new predictive algorithm is one of a host of new products the Swedish company announced Monday.

It also unveiled a new premium service called HiFi with improved sound and a Snapchat-like feature for artists to share video clips.

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A consortium including the Chinese-based music platform Tencent Music Entertainment announced Friday it has bought another 10% stake in Universal Music Group, which values the company at 30 billion euros. It bumps the consortium's total stake in the L.A.-based music giant to 20%.

The move will help TME's parent company Tencent broaden its reach as a leading player in music and gaming across China.

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