In order to strengthen music sharing and discovery, Rhapsody has acquired Schematiclabs, makers of “Instagram for songs” app SoundTracking, and Exfm, a social music discovery platform, for an undisclosed amount.
Post this acquisition, Schematic plans to equip SoundTracking app with “new features to take advantage of Rhapsody’s 30-million track global streaming catalog.” Exfm plans to bring a new music discovery utility to “iPhone, Android, Windows Phone and the web,” as per Tech Crunch report.
“It’s true — the Schematic Labs team has joined Rhapsody. With Soundtracking, they created an entirely new way for people to express themselves by sharing their musical moments. We’re excited to incorporate that creativity and community focus within Rhapsody’s suite of music services.
The Exfm team have done a great job of helping people discover more music to enjoy across the web. We’re thrilled to have them join Rhapsody, and put that product, design and technology expertise to work on the things we’re building here. Together, we’ll help music fans explore, play and love more music,” Rhapsody’s Chief Product Officer Paul Springer told TechCrunch.
Schematic Labs was launched in 2010 by Founder & CTO Matt Paul and CEO Steve Jang, maker of social entertainment mobile apps for Android and iOS devices. It had secured four round of funding and raised total capital of USD 5.7 million, till date. The company is backed by 11 investors such as True Ventures, Accel Partners, SoftBank Capital, Google Ventures, Bill Tai & Others.
It offers two products as SoundTracking, a way to share the soundtrack to your life and Exfm, a music discovery platform to curate MP3s into a shareable music collection. Exfm had received over USD 2.8 million from Spark Capital, Founder Collective, betaworks and Dave Morgan.
“By teaming up, we can build the ultimate music service with an amazing social discovery engine backed by Rhapsody?s catalog of over 30 million songs. The idea of combining the best of Exfm with the best of Rhapsody has us all extremely excited!” wrote Exfm on its website.
At present, Rhapsody’s music streaming service is adopted by 2 million paying subscribers and gives unlimited on-demand access to more than sixteen million songs.
More from Tech Crunch: SoundTracking and Exfm could help make Rhapsody more relevant in the current battle for ears. Over the past years it’s been eclipsed by services like Spotify, and boxed out by platform owners like Apple and Google. While the space is very crowded, it’s always nice to have another serious competitor trying to build the best music service, not just use music as a loss-leader to sell more search ads or smartphones.
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