- General
- November 22, 2020
- 5 minutes read
Snap Buys Music App Voisey
Snap, the parent company of the popular Snapchat app, has acquired Voisey, which is a fairly popular app that lets users…
Snap, the parent company of the popular Snapchat app, has acquired Voisey, which is a fairly popular app that lets users create music tracks overlaying their own vocals. It’s an app for music as Snapchat is for videos and images, whereas users can create short music tracks with custom audio filters like auto-tune and automated harmonies. Similar to Snapchat, Voisey users can share their created music tracks with one another.
Snap’s Voisey acquisition was first reported by Business Insider, which noted that Voisey’s registered UK address had been changed to Snap’s London office. Filings with UK authorities also show that the four people who co-founded Voisey, as well as the startup’s first two investors, have all resigned as directors of the company, hinting at an acquisition.
Snap hasn’t formally confirmed Voisey’s acquisition and the price it paid for the London-based startup isn’t known. Voisey has raised less than $2 million in funding and was valued at about $3 million, according to PitchBook data.
Snap’s acquisition of Voisey doesn’t at all seem surprising, given that both companies operate in an overlapping space. Touted as a “TikTok for music creation”, Voisey is an app whose features will be useful to Snapchat in the face of rising competition from TikTok. The company may choose to run it as a separate app and help grow it.
Based on past experience as seen when Snap acquired the social map app Zenly, the company may decide to integrate Voisey with its app while also maintaining it as a standalone app.
Snap’s acquisition of Voisey comes on the heels of the company posting very strong quarterly earnings results, whereas its revenue in the third quarter of this year grew 52% over the past year to $679 million. The release of that earnings results has fueled Snap’s rise in market value by over 40%, with the company now having a market value of about $66 billion.
Photo: Snap CEO Evan Spiegel | by TechCrunch is licensed under CC BY 2.0
