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Spotify acquires yet another startup as it prepares to go public

Illustration: Sam Jayne / Axios

Spotify has acquired Swedish collaborative music-making startup Soundtrap, the latter said on its website. Spotify paid at least $30 million, according to Breakit.

The big picture: As Spotify eyes a public listing of its stock next year (as it has been reported and sources tell Axios), the company has to keep growing its music business beyond streaming existing tracks. This way, it can provide more services, such as music collaboration tools to artists.

Go deeper

Jacob Knutson
1 hour ago - Politics & Policy

Justice Department drops insider trading inquiry against Sen. Richard Burr

Sen. Richard Burr (R-N.C.) walking through the Senate Subway in the U.S. Capitol in December 2020. Photo: Stefani Reynolds/Getty Images

The Department of Justice told Sen. Richard Burr (R-N.C.) on Tuesday that it will not move forward with insider trading charges against him.

Why it matters: The decision, first reported by the New York Times, effectively ends the DOJ's investigation into the senator's stock sell-off that occurred after multiple lawmakers were briefed about the coronavirus' potential economic toll. Burr subsequently stepped down as chair of the Senate Intelligence Committee.

Go deeper (1 min. read)Arrow
Sara Fischer, author of Media Trends
5 hours ago - Economy & Business

Netflix tops 200 million global subscribers

Illustration: Rebecca Zisser/Axios

Netflix said that it added another 8.5 million global subscribers last quarter, bringing its total number of paid subscribers globally to more than 200 million.

The big picture: Positive fourth-quarter results show Netflix's resiliency, despite increased competition and pandemic-related production headwinds.

Go deeper (1 min. read)Arrow
Courtenay Brown
5 hours ago - Economy & Business

Janet Yellen plays down debt, tax hike concerns in confirmation hearing

Treasury Secretary nominee Janet Yellen at an event in December. Photo: Alex Wong via Getty Images

Janet Yellen, Biden's pick to lead the Treasury Department, pushed back against two key concerns from Republican senators at her confirmation hearing on Tuesday: the country's debt and the incoming administration's plans to eventually raise taxes.

Driving the news: Yellen — who's expected to win confirmation — said spending big now will prevent the U.S. from having to dig out of a deeper hole later. She also said the Biden administration's priority right now is coronavirus relief, not raising taxes.

Go deeper (1 min. read)Arrow