- SoundBetter is the world’s leading music production marketplace
- It currently has about 180,000 registered users
- Spotify for Artists currently has 400,000 registered users
World’s most popular audio streaming subscription service Spotify, today announced that it has acquired SoundBetter, a leading global audio production and collaboration marketplace helping creators worldwide connect and hire top audio professionals. Terms of the transaction are not disclosed yet.
New York-based SoundBetter will become part of the Spotify for Artists feature, which provides insights, profile management and promotion tools to artists and their teams, the Swedish company 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,” said Beckwith Kloss, VP Product, Creator at Spotify.
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 currently has about 180,000 registered users and has paid out more than $19 million to musicians and producers to date, averaging around $1 million per month currently, itself taking a cut by way of a commission (of an undisclosed percentage) on each deal secured through the platform.
SoundBetter is the world’s leading music production marketplace, helping musicians worldwide connect and hire top music pros so they can get to great-sounding release-ready songs.
With tens of thousands of top Singers, Producers, and Mixing & Mastering Engineers, including dozens of Grammy Award winners, SoundBetter has the most comprehensive community of vetted music production pros for direct-hire in the world, and a member group spanning over 14,000 cities worldwide.
With its transparency, verified reviews, trust, top-tier talent and growing customer base, SoundBetter has become the defacto LinkedIn for music professionals.
Indeed, for Spotify, the deal is a signal that the company is going to continue investing in more behind-the-scenes services for artists and others in the music ecosystem, particularly in building up tools that bypass (or at least exist alongside) those of traditional labels, and take some pressure off that side of the business. Last quarter, Spotify faced some criticism (and a drop in its share price) for missing its own targets for subscription growth.
Spotify’s monthly active users, which included its ad-supported free version, surged 29% to 232 million people in the second quarter.
Spotify for Artists currently has 400,000 registered users, but with the platform itself a cornerstone of digital music distribution, Spotify hopes that with the right mix of services, including the kind that SoundBetter has built, that number can grow much bigger.