Spotify today took another step in its efforts to build out services for artists to help diversify itself away from a business model predicated on paying music streaming royalties to labels: it has acquired SoundBetter, a music production marketplace for artists, producers, and musicians to connect on specific projects; and for people who are looking to distribute music tracks to those who want to license them.
SoundBetter has about 180,000 registered users and has paid out more than $19 million to musicians and producers to date, averaging around $1 million per month currently, itself taking a cut by way of a commission (of an undisclosed percentage) on each deal secured through the platform.
