Spotify is currently in advanced talks to purchase SoundCloud, the Financial Times reports.
Both streaming services are in talks ahead of Spotify’s IPO, and the streaming service has already attracted 100 million users worldwide along with 40 million subscribers. On the other hand, SoundCloud would compliment the streaming giant and has built the company by allowing artists to upload their music and share it with the world.
Thank SoundCloud for the rise of underground artists such as Lil’ Yachty, PartyNextDoor, Bryson Tiller, Kehlani, Post Malone and many others. Unfortunately, the music platform has stalled in raising money and remains at the $170 million evaluation it reached in 2014. Many reports speculated that Twitter would purchase the company, but the social media outlet invested a cool $70 million in SoundCloud last June.
The deal would certainly give Spotify another edge over rival Apple Music, which recently reached 17 million subscribers of their own.