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Spotify is in ‘advanced talks’ to buy rival SoundCloud

Nathan McAlone
Updated
Daniel Ek Spotify
Daniel Ek Spotify

Louis Lanzano/Bloomberg

Music streaming giant Spotify is in “advanced talks” to buy SoundCloud, a rival streaming service famous for catapulting early bands to stardom, and for fostering a sense of artist community, the FT reports.

Though Berlin-based SoundCloud has many devotees among artists and fans, the service has struggled to gain strong financial footing. Financial filings reviewed by Music Business Worldwide earlier this year showed that showed streaming service lost $44.19 million in 2014 on revenues of $19.37 million.

In March, SoundCloud launched a new premium music-streaming service, SoundCloud Go, to more directly compete with the likes of Spotify and Apple Music.

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The post Spotify is in ‘advanced talks’ to buy rival SoundCloud appeared first on Business Insider.