The acquisition follows Sber's purchase of Zvuk in September.
MOSCOW — Russia's largest state-run bank, Sber, has acquired the local music streaming company Muzlab to merge it with its own service, SberZvuk, in a bid to beef up its streaming business.
Sber hopes that the merger of SberZvuk and Muzlab, which focuses on the business market, will enable it to achieve synergies and create new opportunities to grow in both the consumer and business segments, Michael Ilyichev, CEO of SberZvuk, tells Billboard.
"After the Muzlab deal, new prospects for targeting both [segments] are opening up," he says. "For instance, you come to a restaurant, and one cool track after another is playing there, and you would like to get the entire playlist. Now it will be possible."