Music streaming service Spotify is reportedly in advanced talks to acquire its rival SoundCloud, according to a report from The Verge.
The report pointed out that the move would give Spotify a larger library of content and eliminate a competitor from the music streaming industry.
The deal also makes sense for SoundCloud as the Berlin-based firm has struggled financially in recent years. Sources said that with Spotify likely headed for an IPO in 2017, the acquisition could do favors for Soundcloud and its investors including Twitter.
Spotify is expected to pay SoundCloud around $700 million in the deal.
(Photo Source: developer.spotify.com/ Facebook_@SoundCloud)