According to Financial Times, the Swedish streaming giant is readying a potential "checkmate" move that will prove rather daunting for their competition.
Spotify logo courtesy of company.
Spotify is reportedly in talks with SoundCloud over a potential acquisition, the Financial Times reports. Citing an unnamed source familiar with the matter, the financial paper said Spotify is in "advanced talks to acquire SoundCloud."
Currently operating as the leader in music streaming, this potential huge move by Spotify, which now has 100 million active users worldwide, would prove rather daunting for Apple Music, and anyone else eager to break into the business. Competition in the music streaming industry has never been fiercer, with the likes Spotify, SoundCloud, Apple Music, and Pandora all tirelessly vying to match (and one-up) each other's active subscriber count and become number one once and for all. Recently Twitter invested in SoundCloud, which now offers a paid subscription service called SoundCloud Go, and just this month Spotify hit 40 million paying subscribers—a mere week after Apple Music said they are up to 17 million subscribers themselves.
At the moment information on the potential buy is scarce. SoundCloud declined to comment, and Spotify did not respond to a request for comment.