Spotify To Acquire Soundcloud


Swedish music-streaming service  supplier Spotify is in advanced talks to acquire German rivalSoundCloud, the Financial Times reported on Wednesday, citing people briefed on the discussions.

SoundCloud's founders and investors were exploring strategic options for the company, including a sale, that could value it at $1 billion, Bloomberg reported in July, citing people familiar with the matter.

The FT story did not provide more details.

Music-streaming companies have struggled to turn a profit amid rising competition from larger players such as Apple. Amazon is additionally get ready to dispatch a standalone music-spilling membership administration, Reutersreported in June, refering to individuals with learning of the matter. SoundCloud declined to remark, while Spotify couldn't promptly be gone after remark.