Image Credit: SoundBetter
Spotify has sold SoundBetter music marketplace back to its founders, two years after buying it from them.
SoundBetter has been part of Spotify for Artists since Spotify bought it in 2019 – and it’s now been sold back to the team that originally founded it.
SoundBetter had been part of Spotify’s creation and collaboration toolset, along with Soundtrap. The platform is an online music production marketplace where artists and producers can network and swap services for a fee. Producers can search by genre or instrument to invite an artist to collaborate, exchanging stems and files to make a finished product, which is when money exchanges hands and SoundBetter takes a commission fee.
A statement from the no longer involved companies didn’t shed too much light on why the sale had occurred.
Shachar Gilad, one of SoundBetter’s founders alongside Itamar Yunger, said: “Spotify accelerated SoundBetter’s trajectory, helping us reach hundreds of thousands of musicians around the world. SoundBetter today has a larger community of amazing artists creating more and higher quality music, and a wider array of expanded services.”
Spotify was cordial, too. Its Global Head of Creator Marketing, Dom Sanya, said: “Together, Spotify and SoundBetter benefited from many synergies, but as SoundBetter continues to evolve, both parties agreed that the company is best positioned for the next stage of growth by returning to the founders that have been committed to shepherding it from the beginning.”
Spotify still owns Soundtrap, its online recording studio and DAW.