Spotify buys online recording studio Soundtrap
Music streaming firm Spotify has purchased online music and sound recording studio Soundtrap, it said on Friday, declining to provide financial details of the deal.
Stockholm-based Soundtrap allows its readers to have an internet music studio and make music together with other people in real time, its website states.
“Soundtrap’s rapidly growing business is highly aligned with Spotify’s vision of democratising the music ecosystem,” Spotify said in a statement.
Spotify is aiming to document its intention to float with U.S. regulators near the end of the year to record at the first or second quarter following year, sources said in September.
Courtesy: The Globe And Mail