Spotify ‘in advanced talks’ to buy rival SoundCloud

Swedish music-streaming service provider Spotify is in advanced talks to acquire German rival SoundCloud, the Financial Times reported on Wednesday.

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 Financial Times 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. com is also preparing to launch a standalone music-streaming subscription service, Reuters reported in June, citing people with knowledge of the matter.

SoundCloud declined to comment, while Spotify could not immediately be reached for comment. – (Reuters)