Spotify buys music production marketplace SoundBetter

SoundBetter will join the Spotify for Artists feature, which provides insights, profile management and promotion tools to artists and their teams

The Spotify logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. (REUTERS)

Spotify has acquired music production marketplace SoundBetter, the music streaming service said on Thursday, without disclosing terms of the transaction.

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.

SoundBetter's platform allows hiring of musicians, audio engineers, producers and songwriters. The company was formed in 2012 and has over 180,000 artists registered on its network, according to the statement.

Spotify's monthly active users, which included its ad-supported free version, surged 29% to 232 million people in the second quarter.