Is Spotify buying rival SoundCloud?
This acquisition would help SoundCloud or Spotify?
Another day in steaming music industry and another deal is on the table.
Music streaming giant Spotify is currently in talks to buy SoundCloud according to a report from the Financial Times.
Nothing has been confirmed by either company at this point, but the deal makes sense.
Soundcloud’s growth has been impressive, growing from 1 million registered users in May 2010 to 150 million by December 2014.
Even if the Berlin-based company – SoundCloud - can rely on immense support among artists and fans, the service has struggled to gain strong financial footing.
According to sources, SoundCloud has recently raised a fair amount of money - $70 million from Twitter in 2016. This has put SoundCloud in a better position; the company was last valued at about $700 million.
A representative for Spotify claimed to “have no comment or info” at this time.
That’s just the last news from the streaming music world, no one can predict how the industry will continue to change.