As the royalty-free stock music sector continues to grow, Shutterstock has announced that they’re acquiring PremiumBeat.
PremiumBeat’s music and sound effect service has a catalogue of 5,000 tracks. The company claims to provide “exclusive high-quality tracks“. Shutterstock also says that companies like Apple and BMW have used PremiumBeat.
Shutterstock will pay around $32 million in cash for the company, with other possible considerations. PremiumBeat will continue to operate under its current leadership.
Nina Ulloa covers breaking news, tech, and more. Follow her on Twitter: @nine_u