In a bid to expand its reach into the plugin market, Splice has acquired British virtual instrument library purveyor Spitfire Audio for a reported $50 million, according to the Financial Times [via Music Business Worldwide].
In a press release shared with MusicTech, the company says its decision to purchase Spitfire comes as the plugin market is valued at $640 million, and the wider music software and services sector “exceeds $7 billion”.
Described as the “leading platform for music creation”, Splice hosts a sample library with thousands of royalty-free sounds, and a growing suite of AI tools to help creators “unlock inspiration, experiment with sound and generate unique compositions”.
Spitfire Audio, meanwhile, offers a collection of virtual instrument libraries, including collections made in collaboration with Hans Zimmer, Ólafur Arnalds, the BBC Radiophonic Workshop, BBC Symphony Orchestra, and Abbey Road Studios.
“The teams at Spitfire Audio and Splice have deep respect for composers, musicians and producers and are committed to celebrating and supporting their work”, says Kakul Srivastava, CEO of Splice.
“We’re both sound-first, creator-led companies who believe great software and technology can supercharge the creative experience. Our shared vision is to develop tools that expand – not replace – human creativity.
“With Spitfire’s expressive instruments and Splice’s AI-powered platform, we’re just beginning to explore what’s possible.”
As part of the acquisition, Splice and Spitfire are planning to release new products which “blend Spitfire Audio’s cinematic soundscapes and orchestral expertise with Splice’s sample catalogue and AI-powered discovery engine”.
“We’ve always focused on inspiring people to create extraordinary music,” says Paul Thomson, Co-Founder of Spitfire Audio. “With Splice, we can now bring that inspiration to a whole new generation of artists, producers, and storytellers.”
The music creation market is reportedly projected to nearly double to $14 billion by 2031 [per MIDiA Research]. With this new move, Splice hopes to position itself to lead the market.
“Splice has already built an incredible business,” added Olivier Robert-Murphy, CEO of Spitfire Audio. “Joining forces means Spitfire Audio’s sounds will find new homes in studios around the world – whether that’s a bedroom producer or a blockbuster composer.”
In terms of operating, both Splice and Spitfire Audio will continue to operate independently for the time being. Olivier Robert-Murphy will remain as Spitfire CEO, reporting to Splice CEO Kakul Srivastava, while Paul Thomson will continue to oversee Spitfire Audio’s creative direction.
To read some FAQs surrounding the acquisition, head to Spitfire Audio.
The post Splice acquires Spitfire Audio for a reported $50 million appeared first on MusicTech.
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