The Short:
While declining to provide financial details of the deal, streaming music major Spotify on Friday said that it had bought Soundtrap, an online audio and music recording platform that allows real-time collaboration between its subscribers.
The Long:
Soundtrap is a Sweden-based service that lets subscribers open an online account to record audio and create music remotely in collaboration with others, but in real-time.
In a statement announcing the acquisition, Spotify said:
“Soundtrap’s rapidly growing business is highly aligned with Spotify’s vision of democratizing the music ecosystem.”
Sources had revealed in September that it wants to file its intention with U.S. regulators by the end of the year to float the company, which we could see happening in the first half of 2018.
Spotify is the number one music streaming service in the United States, is available in more than 61 markets and has nearly 60 million users. Apple Music is hot on its heels, but Spotify still continues to grow at strong rates.
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