Spotify in talks to purchase SoundCloud
Swedish music-streaming service provider Spotify is in advanced talks to acquire German rival SoundCloud, Reuters reported on Thursday.
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.
Music-streaming companies have struggled to turn a profit amid rising competition from larger players such as Apple Inc.
Amazon.com Inc is also preparing to launch a standalone music-streaming subscription service, Reuters reported in June, citing people with knowledge of the matter.