Spotify Acquires Audio Talent Marketplace SoundBetter
Spotify has acquired SoundBetter, a global marketplace that helps creators connect and hire producers and other audio professionals. Soundbetter will become part of Spotify For Artists, making it the first artist service that the streamer will charge for. Terms of the transaction were not disclosed.
SoundBetter enables musicians, DJ's and producers to find and hire global collaborators. We've been writing about Soundbetter as a useful tool for creators since its founding in 2012 and they later become an advertiser. Since then, SoundBetter has helped tens of thousands of music professionals buy and offer services and now has more than 180,000 registered users.
“SoundBetter offers the most comprehensive global marketplace for music and audio production professionals for hire in the world along with a member community spanning 176 countries and 14,000 cities worldwide,” said SoundBetter Co-Founder and CEO Shachar Gilad. “We are excited to benefit from Spotify’s global scale, resources, and vision to expand our network and drive more economic opportunities for artists of all levels.”
“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.”
This acquisition furthers CEO Daniel Ek's promise to help empower a million artists to earn a living making music, only this time he gets to charge for it.
Spotify's investment last year in DistroKid led to an experiment in music distribution that has since been canceled. But Ek signaled on a recent earnings call that helping artist was still a priority and for the first time shared that they might charge for some services in the future.
With Soundbetter, Spotify has chosen a far less crowded lane than distribution, as well as one that in no way competes with its label partners.
A recent Spotify For Artist survey asked artists and the music industry what kind of services they'd like to see listed in a "Provider Directory." It also provides data that could lead to future acquisitions.