If we are to believe a report on Financial Times, Spotify’s SoundCloud acquisition talks have reached advanced stages.
Back in July Bloomberg claimed that SoundCloud was looking at strategic options including a sale that could value the service at a whopping $1 billion and now a report on the FT that cites anonymous sources familiar with the matter effectively means that SoundCloud could indeed be up for grabs.
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.
SoundCloud declined to comment, while Spotify could not immediately be reached for comment.