Tesco buys into music service We7
Tesco has bought a 91% stake in music streaming service We7, in a bid to bolster its existing entertainment and digital content platforms as the supermarket battle for the entertainment market heats up.
The news follows Sainsbury’s announcement that it has bought a 64% stake in online e-book retailer Anobii as it looks to build its presence in the digital entertainment market. Sainsbury’s also launched an MP3 download platform last month.
In a statement the supermarket says the deal will “offer customers a wider choice in how they consume music, complementing Tesco’s current music offer in store and online”.
Tesco adds that the move is “the latest step in [our] strategy to offer customers new and innovative ways of accessing digital entertainment.”
The supermarket also has a stake in online movie streaming site BlinkBox and offers a music download platform.
