Semetric, the provider of business intelligence and data driven products for the entertainment industry has been acquired by tech giant Apple.
“Apple buys smaller technology companies from time to time, and we generally do not discuss our purpose or plan,” Apple told Music Ally which first broke the news earlier yesterday when it found that Semetric changed its registered address to one which is also the registered address of Apple Europe Limited, through its law firm Baker & McKenzie.
It is also reported that Semetric filed details of the appointment of Gene Daniel Levoff, the VP, corporate law at Apple, as well as director of Apple Operations International as the new Director at the startup. The filing however points out that the appointment took place back in October.
Financial Times has reported that the deal might have been cracked at around $50 million.
Semetric’s popular digital music analytics platform, Musicmetric, gathers music data to make them actionable, for record labels, managers, radio stations and music marketers to benchmark and compare artist performance in real time.
Although intentions for the acquisition remain unclear, as Venture Beat notes that the downward performance of iTunes and the need to get a grasp over music streaming could be the trigger to this move.
Actionable analytics in order to glean what music fans are listening to will help Apple in the long run and Musicmetric along with the acquisition of Beats Electronics earlier last year could set them on the right path.
Read more here.
(Image credit: Semetric)
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