Spotify acquires blockchain content startup Mediachain

Streaming media industry giant Spotify has announced its acquisition of blockchain content start-up Mediachain. The specific acquisition amount has not yet been disclosed. It is reported that Mediachain previously received a $1.5 million investment from a16z and Union Square Ventures and is currently building a distributed database that connects creators and authors with the content they create. Spotify stated that the Mediachain team will join its New York office to help Spotify move towards a music industry that is fairer, more transparent, and beneficial for creators and copyright owners.