It’s that time of the year when rumor of companies being on the verge of being purchased are out and about. Case in point: it looks as though Spotify is interested in purchasing streaming music and podcast site SoundCloud, according to the Financial Times.
For a long time SoundCloud has been a constant competitor to Spotify, so a purchase would not only give the major on demand music service a beefier library, but also breathing room in a market becoming more and more crowded. The purchase would also keep the company ahead of the likes of Apple, Tidal, and Pandora in being the one to remove a player from the board.
Investors in SoundCloud are looking could be looking at around $700 million for the company. With the company having stalled as far as what else can be done with the service beyond accumulating music and serving as host for podcasts, a purchase would be the next step.