Splice have bought Spitfire Audio, reported by Music Business Worldwide and confirmed by Alejandro Koretzky the VP of Applied AI Research at Splice: "The news is out! Splice has acquired Spitfire Audio. We look forward to working with this incredible team to continue empowering music creators everywhere." The deal is for a reported $50m, here is an excerpt from the news:

Splice - valued in 2021 at nearly USD $500 million after securing $55 million in funding - has acquired UK-based "high-end" virtual instrument library Spitfire Audio.

Financial terms of the acquisition were not disclosed, but according to the Financial Times, which cited a person familiar with the matter, the deal is worth about USD $50 million.

The acquisition marks Splice's entry into the plugin sector, which it notes is valued at $640 million, and aligns with its existing subscription and rent-to-own businesses.

The move positions Splice to capitalize on the growing music creation market, forecast (by Midia Research) to nearly double to $14 billion by 2031.

A quote from the Splice CEO Kakul Srivastava reads:

"The teams at Spitfire Audio and Splice have deep respect for composers, musicians and producers and are committed to celebrating and supporting their work"

Read the full article here: https://www.musicbusinessworldwide.com/splice-acquires-spitfire-audio-for-a-reported-50m-as-it-bets-on-ai-music-creation/

 

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