Digital music service provider major Spotify has confirmed that it is acquiring music production marketplace platform SoundBetter for an undisclosed sum. SoundBetter helps creators connect and hire top audio professionals across the globe.
Founded in 2012 by Itamar Yunger and Shachar Gilad, the firm offers the platform for music production for sound engineers, singers, studios, and session musicians. The firm had raised capital in the form of the undisclosed seed round, which was led by 500 Startups, Verizon Ventures, Eric Ries and Foundry Group. The firm has more than 180,000 professional artists on its platform.
Beckwith Kloss, Vice President of Product at Spotify, talking about the deal 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.”
SoundBetter Co-Founder and CEO Shachar Gilad commenting on the acquisition said, “SoundBetter offers the most comprehensive global marketplace for music and audio production professionals for hire in the world along with a member community spanning 176 countries and 14,000 cities worldwide. We are excited to benefit from Spotify’s global scale, resources, and vision to expand our network and drive more economic opportunities for artists of all levels.”
As Spotify continues to work towards developing more services for music professionals, it will be interesting to see how the deal helps them.