November 8, 2016 Comments Off on Spotify acquires Preact
With over 100 million members, 30 million paid subscribers and millions of new songs added to the platform each week, it’s no surprise why Spotify remains to be the number one music streaming service in the world. But with aggressive competitors like Apple, Pandora, Google and Amazon lurking in the background and ready to move in on its customers, the Swedish music streaming startup will do whatever it takes to remain on the top. Last week, the company acquired customer success startup Preact. Formerly known as Neglect, San Francisco-based Preact is a cloud-based customer success service that uses machine learning, big data analytics and behavioural science to learn more about subscribers and how companies can keep them as paying customers and increase subscription base. According to Jason Richman, VP Product at Spotify, “Finding the trends and behavior patterns in our data that correlate with paid subscriptions is incredibly valuable. The addition of Preact to Spotify’s team will help us design experiences that grow our premium customer base.” The financial terms of the deal were not disclosed.
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