Since 2015, Swedish start-up Soundtrap has been offering users the ability to work in real time with other users on musical projects via its cloud-based recording software. Best of all? The service was available completely in-browser and offered both a free and paid subscription service.
Earlier today, Spotify announced that it had acquired the company at undisclosed financial terms, though Breakit.com estimates the purchase at “at least 250 million krona” ($30 million). Around this time last year, the company was fundraising at a $25 million valuation with close to 1 million monthly active users. Including Soundtrap, Spotify has now acquired nine companies in just this year
Per Soundtrap’s official blog, “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.” In describing their new parent company, Soundtrap added “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.”
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