Spotify has just acquired a music licensing platform called Loudr, but details of the deal have not yet been announced. Loudr was founded in 2013 to help content creators, aggregators and digital music services track and pay royalties to music publishers.
Many companies, including CDBaby and Distrokid are currently using the Loudr service. The company initially raised $600,000 in funding in 2013/2014. The move comes shortly after Spotify was listed on the New York Stock Exchange.
According to HypeBot:
For Spotify, the acquisition will likely make it easier for unaffiliated songwriters and artists license to the streamer and could help the company solve one of its most vexing – and if multiple lawsuits prevail – expensive problems – the proper identification and licensing of songs, songwriters and music publishers.
Loudr will move it’s current office in San Francisco to join Spotify’s New York offices.