Digital music streaming site Spotify has announced the purchase of online music studio, Soundtrap, in a deal said to be “at least $30 million.”
Soundtrap is a cloud-based startup that allows creators anywhere in the world to work together real time to create music, podcasts and much more.
The terms of the deal were not disclosed, but Swedish tech website Breakit reports that deal was in the region of $30 million.
Soundtrap announced in a post that its entire team will be joining Spotify as a result of the acquisition, including founders Björn Melinder, Fredrik Posse, Gabriel Sjöberg and Per Emanuelsson.
“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,” reads the post from Soundtrap.
“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,” it says.
It’s the most recent in a number of purchases for Spotify, showing their desire to move from just a distributing platform for customers, to also a creative platform for artistes.
Its biggest purchase still remains music data service Echo Nest, which was acquired in a $60 million deal.
Last year, the company walked away from a deal to purchase creator-friendly music platform, Soundcloud.