Spotify has acquired Soundtrap, a Stockholm-based company that enables artists of all levels to create music online with a web-based, collaborative music recording and production studio. 

In a statement, the streaming giant said Soundtrap’s rapidly growing business is “aligned with Spotify's vision of democratising the music ecosystem”.

A Soundtrap statement added: “Our two teams are culturally, creatively and strategically a great fit, so Soundtrap – including all our staff – will continue to revolutionise the music-making process for consumers, educators and students from within the Spotify family. This forms a new chapter of our Soundtrap journey and we are super excited to accelerate and realise our joint vision together with our new family at Spotify.”

The company was founded by Per Emanuelsson, Björn Melinder, Gabriel Sjöberg and Fredrik Posse.

Last year it secured $6 million (£4.54m) in funding for product development and expansion. Former Spotify CFO/COO Peter Sterky was among the investors in Soundtrap.

For more stories like this, and to keep up to date with all our market leading news, features and analysis, sign up to receive our daily Morning Briefing newsletter