Snap Inc., which has recently started to give importance to music applications and initiatives in the sector, bought the music application Voisey. It is currently unknown how much the company paid for this acquisition or what its plans for Voisey are.
Snap Inc., the parent company of Snapchat, the popular social media app for a period, bought Voisey to enter the music industry. Voisey, currently available only on iOS, is known as an app that allows users to record short videos using professional sound effects and background tracks provided by the producers.
While the deal was announced by Business Insider, details of the acquisition have not been shared yet. According to Business Insider’s report, Vosiey’s company address in London was changed to Snap’s address, and Snap’s team Atul Manilal Porval and Amanda Loise Reid were assigned executive roles at the company.
Snap bought Voisey because they could achieve:
As of September, more than 11 million songs have been recorded on Voisey, and the number of plays within the app exceeded 200 million. However, the app ranks 143rd for iOS among Music apps in the USA. At this point, Mark Mulligan of Midia Research says Snap bought Voisey not because they succeeded, but because they could.
Snap, which has recently been closely involved in the music industry, paid $ 70 million for the Israeli-based voice assistant startup Voca.ai just last week.
Snap aims to be unrivaled among music apps:
As you know, TikTok allows users to shoot high-quality videos on any subject and is the industry leader in this field. On the other hand, Instagram is unrivaled in photography. It seems Snap is aiming to be number one in music with these investments.
It is not yet known exactly how much Snap paid to purchase the Voisey app, or what their plans are for this app. At this point, the company can integrate Voisey with its flagship app Snapchat, as well as keep Voisey as a separate app.