Spotify is no longer interested in purchasing SoundCloud, according to the Financial Times. We reported back in September that Spotify had been in advanced talks to purchase the German company for at least $700 million. This was an effort for Spotify to increase its streaming catalog.
The Financial Times reported that Spotify abandoned the deal to focus on the company’s own IPO sometime in 2017. This seems like a good move for the company, the benefits of the deal were far outweighed by the cost, and moving forward with an IPO is a more logical choice.