After selling Soundtrap, the cloud-based music creation platform, to Spotify back in 2017, its founders are buying the company back. Spotify used the cloud-based technology in 2019 when it launched the podcast portion of its platform. Spotify allowed creators to utilize Soundtrap for Storytellers virtual studio program, which made creating a podcast easier. - Financial details were not disclosed for this transaction, but it was reported in 2017 that Soundtrap was valued at $30M.
- Soundtrap has operated as a standalone app since its sale to Spotify.
- "Together with Soundtrap's cofounder, Björn Melinder, we've made the decision to acquire the company from Spotify, returning to an independent operation," cofounder Per Emanuelsson said in the announcement. "Over the last five years, we've greatly benefitted from Spotify's expertise and global reach, enabling us to rapidly scale our service and launch new products. We thank Spotify for helping to set us on our trajectory today and are very excited for the future."
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