The service, which is in competition with the likes of Apple Music, Deezer and Tidal to secure customers willing to pay a subscription service for music, believes the purchases will boost Spotifys existing strengths in developing engaging and innovative music experiences .
Dublin-based Soundwave is four years old and has produced a social networking app to help users discover new music, share songs and connect with like-minded music fans. Since it was launched, the app has been downloaded 1.5m times in 190 countries.
Meanwhile, New York-based Cord Project is two years old and takes the form of a one tap voice messaging platform for phones, tablets and smartwatches. To date, one million users have used the technology.
According to a statement, both teams will join Spotifys product development organisation, with Cord Projects team reaming in New York to build a new produce trope focused on creating compelling content experiences .
Spotifys VP of product Shiva Rajaraman stated that the business is laser focused on providing music discovery experiences to delight the companys millions of users.
The acquisitions of both Cord Project and Soundwave give us the opportunity to bring two extremely talented and like-minded teams into the Spotify family,” he added. Were excited to welcome them on board, and are looking forward to their contributions in shaping the future of music engagement.
Figures published on Spotifys website indicate it has 20m paying subscribers, 75m users and had paid $3bn in revenues to rightsholders. It has over 30m songs available to listen to and is available in 58 markets.
Since Spotify emerged in 2006, having been set up by Daniel Ek and Martin Lorentzon in Stockholm, it has divided the opinion of musicians around the world. While some have seen it as a way to access new listeners and grow, others, most notably pop star Taylor Swift, do not believe Spotify pays enough royalties to artists.
In 2014, Swift took the decision to remove her entire back catalogue from Spotify, and it was only in late 2015 that any Beatles music was made available. British singer Adele has stated that she only wants her albums to be available to Spotify members who have paid for its premium service , and has not allowed her most recent album to be streamed by Spotify an album that was the biggest selling in 2015 despite only being released in late November.