Guvera acquires blinkbox Music

Australian streaming service Guvera has this week purchased UK music, video and ebook platform blinkbox Music from Tesco.

Following reports it would acquire the British supermarket giant’s serviceearlier this month, the deal was announced yesterday and marks Guvera’s first presence in the UK.

Global COO Michael de Vere hinted the acquisition would speed up expansion in the UK and Europe:“The acquisition of blinkbox Music is an important new chapter in the Guvera story, adding significant firepower to our product – both in terms of technical expertise and an established and loyal audience in the UK,” he said in a statement.

Phil Quartararo, Chief Content Officer and President of Guvera USA, added: “Looking broadly at where great technology is coming from, London is firmly the place to be. It certainly feels like it’s becoming the Silicon Valley for music streaming.”

UK media reports state Guvera purchased blinkbox for£5m, less than half of the£12mthat Tesco bought it for in 2012, when it was called We7.

Since Guvera’s inception on the Gold Coast in 2008, it has expanded to territories including UAE, USA, Singapore, Malaysia, Hong Kong, The Philippines, Indonesia, Venezuela, India(in a deal with 7Digital), and more recently Russia and Ukraine. In just over a year Guvera has launched across 16 countries and five continents; however until now, it hadn’t hinted at an expansion across Europe.

In each of the markets, Guvera offers a library of 12 million local and international tracks, and has integrated its ad-funded model with branded channels where advertisers can target relevant audiences.

Guvera has licensing deals with all three major labels.