Spotify announced today its acquisition of SoundBetter, which provides a platform for music creators to hire audio professionals and market their soundtracks to companies that want to license them. The music streaming service did not say how much it agreed to pay to buy SoundBetter.
SoundBetter serves as a marketplace for musicians and audio professionals to collaborate on certain projects prior to release. It has more than 180,000 registered artists in 176 countries, according to Spotify.
Regarding the acquisition, Beckwith Kloss, Vice President of Product at Spotify, said:
“As we build out our tools for creators, we want to give them the resources they need to thrive. SoundBetter has the same vision. We're excited that creators can generate income through SoundBetter, as well as benefit from its network of top professionals - from instrumentalists to songwriters to producers - as they perfect their tracks.”
As part of the acquisition, New York-based SoundBetter will be incorporated into Spotify for Artists. That division works to provide services including insights, profile management, and promotion resources to artists in order to help them reach their intended market.
The move is seen as part of the Swedish media services provider's efforts to diversify its business beyond music streaming. Earlier this year, Spotify also acquired Gimlet Media, a digital media company and podcast network.