In Google’s quest to acquire a music service, it appears that playlists are a priority. Playlist repository site 8tracks rejected a buyout offer from Google last fall, according to a source close to the San Francisco-based company. The search giant is reportedly on the prowl for music deals as it jockeys for market position alongside tech giants Apple and Amazon and streaming leader Spotify, but has yet to make a significant acquisition in the music arena.
The source characterized the unconsummated Google/8tracks deal as an “acquire-hire” arrangement, where 8tracks’ leadership would be at least as important to Google as its playlists or existing user base. Many such deals result in the shutdown of the acquired service or product, rather than its integration with the new parent company. But with factors “more than the price” in mind, the source said, 8tracks chose to remain independent, given that it has been profitable since 2012 and continues to grow.