Spotify Acquires SoundBetter, Music Production Contracting Platform

Spotify is really dedicated to evolving your streaming platform. The next step in this growth was the acquisition of SoundBetter, a production company that helps musicians and artists find professionals for their music projects.

SoundBetter currently has approximately 180,000 registered users, involving multi-million dollar transactions with each closed deal. Throughout its years of existence, it has raised investments from major companies such as 500 Startups, Verizon Ventures and Eric Ries.

The company will not close with the purchase, according to a spokesman, but will have its services integrated with Spotify for Artists, which offers features that help musicians promote themselves. However, the amount that Spotify disbursed for the acquisition was not disclosed.

SoundBetter was born in 2012 by Itamar Yunger and Shachar Gilad, and currently works not only as a marketplace for musicians to meet vocalists, sound engineers, producers, and other music experts, but also to help with licensing.

Beckwith Kloss, vice president of products for Spotify, says he develops his tools for creators so they can thrive in their careers. "We're excited that creators will be able to generate revenue through SoundBetter, as well as benefit from their network of top professionals - from musicians to songwriters to producers - as they perfect their tracks.

In a note, SoundBetter's founders say they are also happy with the acquisition, saying the platform will bring new opportunities for artists.

Spotify's acquisitions to enhance its services include SoundTrap, which offers online recording studio services, purchased in 2017, and last year's Anchor podcast platform.

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