The acquisition gives Moscow-based Muzlab ownership of Market Music's suite of complementary products, over 8,000 new retail outlets, and technologies the buyer says will allow it to further improve its algorithms, which enables its clients to create personalised playlists with (legal) music and a built-in recommendation system that analyses its preferences to offer the right kind of music.
"This deal makes Muzlab the biggest music streaming service for business in Russia. Our team gets even stronger and our product even better. Acquisition of Market Music means huge growth for our business and gives us additional resources to develop new products for our loyal customers," commented Viktor Khristenko, co-founder and CEO of Muzlab.
Market Music was initially founded in Minsk, Belarus, in 2012, and currently works in 4 countries: Russia (where it moved headquarters to in 2013), Belarus, Ukraine and Kazakhstan.
The deal results in the entire Market Music team joining Muzlab, with the notable exception of founder and CEO Kirill Kirin, who decided to step down as wants to focus on 'projects in the US market'.
Muzlab was founded in 2016 and has raised more than $2 million to date, mostly from angel investors.