Music streaming company Spotify has just bought cloud-based recording platform Soundtrap for a reported $250 million.
“The essence of Soundtrap is to give easy-to-use, collaborative, music-making capabilities to anyone with an electronic device and a passion for music. When we launched, we were delighted to see that Soundtrap was a hit with consumers and we soon followed up with an education version that has been widely adopted by schools. This is a perfect fit because Spotify has also helped democratize music by helping millions of artists connect with millions of fans while helping listeners discover their favorite new artists,” the company said in an online statement.
Launched in 2015 after some years of beta testing, the Stockholm-based startup is an online music studio that allows its subscribers to collaborate with other people in real time, offering both free and paid subscription plans. Since its foundation in 2012, the company has raised around $8.5 million to date, including a $6 million Series A last year.
In a note announcing the acquisition, Spotify said: “The Stockholm-based company, founded by Per Emanuelsson, Björn Melinder, Gabriel Sjöberg and Fredrik Posse, empowers artists of all levels to create music online with a web-based, easy to use, collaborative music recording and production studio,” adding also that Soundtrap’s service “will continue to operate as usual.”