Spotify has made nine acquisitions since the beginning of 2016, the largest of which was music data service Echo Nest, for which the company shelled out close to $60 million.
The former has now acquired Swedish startup, Soundtrap, a cloud-based digital audio workstation. While details of the deal are unknown, analysts expect the deal to be worth at least $30 million.
Launched in 2015, Soundtrap allows users to collaborate on remixes and studio projects in much the same way as a Google Doc, with a completely real-time recording experience across devices. The current suite includes apps for iOS and Android, as well as a desktop version.
Soundtrap announce the acquisition in a blog post. Here is the full text:
Just three years after launching our online collaborative music and podcast recording studio, we are proud to announce that Soundtrap has been acquired by Spotify. Our two teams are culturally, creatively and strategically a great fit, so Soundtrap — including all our staff — will continue to revolutionize the music-making process for consumers, educators and students from within the Spotify family.
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.
Based in Stockholm, Soundtrap was founded by Björn Melinder, Fredrik Posse, Gabriel Sjöberg and Per Emanuelsson, as the world’s first web-based, cross-platform collaborative music recording studio.
None of this would have been possible without the fantastic team at Soundtrap and the solid backing of Chairman of the Board Fredrik Granström, angel investor Lars Bergström and all subsequent Soundtrap investors who helped us realize our vision. We want to thank the following people for their valued advice and backing: the team at Industrifonden, Magnus Bergman, Alan Mamedi, Nami Zarringhalam, Peter Sterky, Linus Andreen and Andreas Carlsson. Also particularly supportive was the team at Hansen Law.
Most importantly, to all our users, without you Soundtrap would not exist. Thank you!
This forms a new chapter of our Soundtrap journey and we are super excited to accelerate and realize our joint vision together with our new family at Spotify.