Spotify in advanced talks to purchase Soundcloud

The Swedish music-streaming service Spotify is in talks to purchase SoundCloud, its German rival. The Financial Times were first to report on this on Wednesday, citing many reputable sources close to this deal.

It was first reported by Bloomberg back in July when SoundCloud founders and investors were exploring options to move the company forward, possibly valuing the company at $1 billion dollars.

With increased pressure on smaller streaming companies like Apple Music, Google Play Music, with Amazon also preparing to launch its own standalone streaming service, the pressure is on to attract listeners.