Spotify has acquired another startup.
This time it’s fellow Stockholm-based company Soundtrap, which advertises itself as an online recording studio.
The cloud-based platform allows musicians to record and edit tracks across multiple devices, and invite other collaborators to work on projects.
The firm was founded by Per Emanuelsson, Björn Melinder, Gabriel Sjöberg and Fredrik Posse.
In a note announcing the buyout, Spotify said that Soundtrap ’empowers artists of all levels to create music online with a web-based, easy to use, collaborative music recording and production studio’.
“Soundtrap’s rapidly growing business is highly aligned with Spotify’s vision of democratizing the music ecosystem.”
Spotify added: ‘The Soundtrap team of engineers, designers, and music producers have been revolutionizing the music-making process by building tools for consumers, educators, and students. The Soundtrap service will continue to operate as usual.
‘Soundtrap’s rapidly growing business is highly aligned with Spotify’s vision of democratizing the music ecosystem.’
There is obviously some debate about how ‘democratic’ recording software can be when it’s exclusively tied to one streaming platform.
Spotify acquired four companies in the first half of 2017 alone: French AI startup Niland (announced May 2017); UK data/audio recognition startup Sonalytic (March 2017); TV recommendation platform MightyTV(also March 2017); and blockchain tech startup MediaChain (April 2017).
The total cost for these four companies, according to Spotify’s documents – paid for via a combination of cash and stock – was €39 million ($42m).Music Business Worldwide
