Music Streamer WE7 Sold To UK Retailer Tesco For $17 Million

June 15, 2012 at 4:55 pm Leave a comment

Source: Hypebot

<img class="asset asset-image at-xid-6a00d83451b36c69e201761581ab0a970c" title="image from www.google.com” src=”http://www.hypebot.com/.a/6a00d83451b36c69e201761581ab0a970c-200wi&#8221; alt=”image from www.google.com” style=”margin: 0px 5px 5px 0px;” />The world's third largest retailer, UK based Tesco has purchased a 91% stake in customized  online radio service WE7 for $17 million USD. The acquisition follows Tesco's 2011 purchase of online movie service blinkbox.  Tesco has said it will continue to acquire companies that give it a foothold in the digital entertainment market.

Founded in 2008 with funding from musician Pater Gabriel and others, We7 became an ad-supported music streaming service and download store. Steve Purdham has serves as CEO since the company's inception.

We7 has claimed 1 million UK users, but growth appears to have slowed since Spotify and others moved aggressively into the UK.

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