Neither Snapchat nor Voisey, the company’s new app, responded to requests for comment from TechCrunch and BusinessInsider.
It is uncertain how much he paid the technological for the startup, but the British brand raised around $ 2 million in funding
Just last week, Snap Inc would have spent between $ 70 million and $ 120 million to acquire another audio-based company
In the race for the most popular social network for short audiovisual content, TikTok, Instagram and Snapchat are perhaps the biggest names at the forefront of the race. But according to TechCrunch, the original creator of the Stories just got a slight edge. The app’s parent company, Snap Inc., has just acquired a small startup in the UK. The funny thing is that it is a new technological project focused on the creation of music tracks and videos.
The company in question is called Voisey. The company allows musical artists to create a series of audio resources that users can then complement with their own voice in their videos. In other words, it is an instrumental accompaniment platform for use on social networks. Snapchat’s interest in this new project, despite the fact that the app has always been considered a photography tool, is quite evident.
The deal was first spotted by Business Insider. According to this medium, Voisey actually closely resembles one of Snapchat’s biggest rivals, TikTok, both in design and interface. It is uncertain if the photography app intends to integrate the technology of this platform into its own system or if it intends to keep it as a separate project. For now, this app seems dedicated to sharing and discovering new artists and songs.
A Snapchat initiative that could get you in trouble with Spotify?
It should be noted that it is not the first time that the photography app shows an interest in integrating music to its platform in an easier and easier way for its users. In August, in data from Billboard, Snapchat’s parent company struck a number of deals with both Warner and Universal Music. The goal of the deal was to get an official license for many of the songs from these studios. And thus, allow their users to use them legally.
Although this is not a new interest, it certainly seems that Snapchat is increasingly interested in the music sector. And with the acquisition of Voisey, it could well become an interesting rival for Spotify. According to Fortune, more and more artists at the beginning of their musical careers are using the Swedish streaming platform to gain market penetration. Something that could indirectly take away this new acquisition.
According to Oberlo, video is the preferred content format for consumers, not only for entertainment purposes but also for commercial activities. Through Voisey’s technology, it would not be difficult for Snapchat to position itself as a place where nascent musical artists generate more direct interaction with the audience. The ability to use these recordings to connect could appeal to big names in the industry.
The direct threat to Instagram and TikTok
Of course, despite the potential competition that may arise between Snapchat and Spotify in the future, this acquisition is primarily a blow to TikTok and Instagram. In India, the ByteDance-owned app has a “little sister” called Resso, completely focused on the music industry. The project has become immensely popular in the country, with millions of downloads in a matter of days. A success that could erase the purchase of Voisey.
Also Instagram should be concerned about the Snapchat initiative. In the first half of the year, the company added filters to its app that, instead of reacting to the actions of users on camera, changed according to the background music. Of course, this movement was related at the time to the new preferences of consumers as a result of the COVID-19 crisis. This, because many users increased their preference for these resources.