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Illustration: Sam Jayne / Axios
Spotify has acquired Swedish collaborative music-making startup Soundtrap, the latter said on its website. Spotify paid at least $30 million, according to Breakit.
The big picture: As Spotify eyes a public listing of its stock next year (as it has been reported and sources tell Axios), the company has to keep growing its music business beyond streaming existing tracks. This way, it can provide more services, such as music collaboration tools to artists.