Apple has purchased a tech startup called Platoon that focuses on finding and developing musical artists

Stock Market News Today

 Try Amazon Music Unlimited Free Trial

Apple is building up its music business with an acquisition of a small tech startup that helps discover and develop emerging musical artists.

Apple confirmed to CNBC it purchased Platoon, a company that helps independent artists fund, distribute, and market their content. The news was first reported by Music Business Worldwide. The terms of the deal were not disclosed. Platoon had about a dozen employees.

The deal could help Apple find and develop exclusive artists for Apple Music, helping it stand apart from competitor Spotify. The company is depending on growth in subscription services like Apple Music to offset flattening iPhone sales.

Unsigned artists may find it expensive to buy studio time and have access to music editing software. Many don’t have the range of social media tools and access to data to get their music in front of audiences effectively.

Platoon finds artists it believes will make it big, gets them on its service, funds them, and helps them get discovered by the public and bigger labels. In effect, it’s like an indie music label.

news on Apple

Today’s Top Stock Market News

The company was founded by former Skype executive Saul Klein, who also co-founded LoveFilm, and Denzyl Feigelson. Feigelson is a former music talent manager who founded direct-to-consumer record sales company Artists Without A Label, which focuses on selling music from independent artists.

Give the Gift of Amazon Prime

He also has worked with Apple on music projects in the past, including the iTunes Festival. Apple’s largest acquisition-to-date was in the music space. It acquired Beats Electronics for $3 billion in May 2014.

More News On Apple Inc. >>> Amazon, Apple and Microsoft are in a tight race for the title of world’s most valuable public company. Continue Reading…


Categories: Apple Inc, Business

Tags: , , , ,

1 reply


  1. Music-Streaming Service Spotify Technology SA Has Filed An Antitrust Complaint In Europe Against Apple Inc. – Today’s Stock Market News

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: