November 17, 2017 / 1:56 PM / a month ago

Spotify buys online recording studio Soundtrap

STOCKHOLM (Reuters) - Music streaming company Spotify has bought online music and audio recording studio Soundtrap, it said on Friday, declining to give financial details of the deal.

Stockholm-based Soundtrap allows its subscribers to have an online music studio and create music together with other people in real time, its website says.

“Soundtrap’s rapidly growing business is highly aligned with Spotify’s vision of democratizing the music ecosystem,” Spotify said in a statement.

Spotify is aiming to file its intention to float with U.S. regulators toward the end of this year to list in the first or second quarter next year, sources said in September.

Reporting by Olof Swahnberg and Helena Soderpalm; Editing by David Goodman

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