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Spotify in talks to purchase SoundCloud

Spotify in talks to purchase SoundCloudSwedish 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.
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