Spotify has announced plans to buy New Years Eve entertainment company Spotify for an undisclosed amount, which is the same amount Spotify paid to acquire the music streaming service Pandora in 2016.
Spotify has also announced plans for a new ad-supported music streaming and music-streaming service called Play Music that will start launching in 2019, and a new app called TuneIn Music that is available to users on iOS and Android.
The Spotify deal was announced on Tuesday in an announcement made by the company to investors.
Spotio is the latest venture from Spotify to expand into the music industry, which has grown increasingly important as Spotify has been increasingly focused on making music streaming more appealing.
The move to acquire Spotify is the first step in a larger plan for Spotify to try to make its music services more accessible to consumers by focusing more on advertising.
Spotify was one of the first companies to enter the music market, but it has struggled to attract listeners to its services.
Spot’s stock price has declined more than 20 percent since the launch of the acquisition.