Since its founding in 2006, has completely transformed the world music and become a multi-billion dollar enterprise. The innovative music streaming platform has now bought Swedish online music studio start-up Soundtrap for an undisclosed amount. Since the start 2016, Spotify has made nine acquisitions and also attempted to purchase Soundcloud before ultimately backing out negotiations. Now, Spotify has added yet another intriguing element to its ever-growing arsenal.
Soundtrap is a Stockholm-based company with 35 employees, valued at $ 25 million last year. The platform allows users to collaborate in real time by storing projects to the cloud which can then be accessed and edited a number supported devices. In a recent from its website, the company touched on the new deal with Spotify and stated that: “The essence Soundtrap is to give easy-to-use, collaborative, music-making capabilities to anyone with an electronic device and a passion for music. CEO Per Emanuelsson also spoke to about the new merger stating: “We’ve captured creative people who don’t like the complexity in normal music stware. The simplicity helped the service break through in schools.”