Spotify has acquired cloud-based recording firm Soundtrap, which gives producers access to an online music studio where they can work with others in real time, regardless of each party's location— providing everyone has an internet connection, of course.
The fresh-faced Swedish start up officially launched in 2015 after years of beta testing, and aims to make the process of music making, and specifically collaborating, easier than ever before. It's not clear how much was paid in the deal, although some reports have suggested the figure could be $30million.
This is the latest in a string of acquisitions made by Spotify over the last two years, with the company valued at $16billion by September 2017, giving it a far healthier outlook compared with the beleagured streaming rival, SoundCloud, which lost its CFO in October to the radio service, TuneIn, and had to be saved from closure by a last minute cash injection over the summer.
Here's a little tutorial video on how Soundtrap works...