Spotify buys online recording studio Soundtrap

Music streaming firm Spotify has purchased online music and music 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 intending to file its intention to float with U.S. regulators near the end of the year to record in the first or second quarter next year, sources said in September.

Courtesy: The Globe And Mail

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