Spotify co-founder Daniel Ek: No intention to sell the company Daniel Ek, co-founder of Swedish music streaming service Spotify which has the biggest paid subscriber base in the world, said on Thursday he had no intention of selling the company. "A music service will further increase the daily interactions between Amazon and its customer base," said former music executive Jay Samit when told about the company's plan.The new Amazon effort will compete directly with Apple Music and Spotify , which boast more than 30 million songs. Amazon is finalising licenses with labels for the service, which likely will be launched in late summer or early fall, the sources said. Amazon, which recently completed three years of operations in India, has been rapidly gaining market share as it fights out home-grown players like Flipkart and Snapdeal, whose growth has plateaued in contrast. Amazon , which offers a free streaming music service with a limited catalog to subscribers of its Prime shipping and video service, did not respond to a request for comment about the new, full-fledged music plan.Although it will be a late entrant to the crowded streaming space, Amazon believes a comprehensive music service is important to its bid to be a one-stop shop for content and goods, the sources said.The new music offering also is intended to increase the appeal of the Amazon Echo, its home speaker, which searches the Internet and orders products from the retailer with voice commands.

Source: Times of India June 11, 2016 06:25 UTC