Soundtrack Technologies, a music streaming service for businesses that’s used in Uniqlo stores and Four Seasons hotels, among others, announced it has acquired rivals Tunify and Ambie as it looks to expand internationally.
Founded in 2013 as a joint venture between Spotify and CEO Ola Sars, Soundtrack has 100,000 business subscribers across 75 countries that utilize its library of 125 million tracks, available via direct licensing agreements, in their stores, hotels and coffee shops.
Soundtrack estimates that the market for providing licensed music to businesses is worth as much as $40 billion. By acquiring Tunify (popular in Belgium and the Netherlands) and Ambie (popular in the U.K.), it aims to consolidate a fragmented market “and integrat[e] regional legacy incumbent operators,” according to a press release.
“Music is a universal language, but business is local,” Sars, co-founder of Beats Music, said in the release. “We aren’t just acquiring customer bases; we are investing in the specific cultural and musical nuances of several markets.”
Previously called Soundtrack Your Brand, the company raised $15 million in 2023 from investors led by Matt Pincus’ MUSIC alongside Dundee Partners, adding to other Soundtrack investors including Balderton Capital, Fuel Venture Capital, Industrifonden, Telia, DIG and Matt Spetzler. Based in Sweden, Soundtrack previously raised about $40 million in 2017.
Soundtrack’s mostly North America-based clients include shoe company Dr. Martens, skincare store Kiehl’s, Joe & The Juice cafés and TAG Heuer. The company said customers of Tunify and Ambie, which count Hyatt and Hilton hotels as clients, can now use its AI playlist generator and other services.
