As well as a free-to-use 'Basic' version, Soundtrap operates a number of pricing tiers, ranging from $5.99 per month for a 'Pro' subscription to $17.99 per month for the 'Supreme' service, which offers users access to over 460 virtual instruments, 3330-plus loops, autotune and high quality downloads.
The company, which has a subsidiary office in Silicon Valley, doesn't reveal subscriber numbers, but it claims to be used "by millions of creators as well as thousands of schools around the world."
In 2016, the company secured $6 million in funding to accelerate product development and expand to new markets. Peter Sterky, former CFO and COO of Spotify, was among the investors. Swedish producer and composer Andreas Carlsson and Truecaller founders Alan Mamedi and Nami Zarringhalam have also put money into the business.
"Soundtrap's rapidly growing business is highly aligned with Spotify's vision of democratizing the music ecosystem," reads a statement from Spotify announcing the acquisition. It adds that the Soundtrap service will continue to operate as usual. Terms of the deal were not disclosed.
"Our two teams are culturally, creatively and strategically a great fit, so Soundtrap -- including all our staff -- will continue to revolutionize the music-making process for consumers, educators and students from within the Spotify family," reads a statement from Soundtrap.
"This forms a new chapter of our Soundtrap journey," it continues, "and we are super excited to accelerate and realize our joint vision together with our new family at Spotify."