30 September 2016, USA :
Music streaming company Spotify is reportedly in talks to take over $700 million rival Soundcloud. The two sides are in advanced negotiations, according to the Financial Times.
SoundCloud is a global online audio distribution platform based in Berlin, Germany, that enables its users to upload, record, promote, and share their originally-created sounds. According to the company’s data, in December 2014, the service attracts more than 175 million unique monthly listeners, while content creators upload about 12 hours worth of audio every minute.
Sweden’s Spotify remains the market leader but faces increasing competition from Apple Music and Amazon’s recently launched music service.
SoundCloud’s founders and investors were exploring strategic options for the company, including a sale, that could value it at $1 billion, Bloomberg reported in July, citing people familiar with the matter.
Longer term, the acquisition of SoundCloud might even provide a base for Spotify to create its own digital record label of sorts, by bringing new artists in at the ground level and by-passing the record industry completely. That may be one of the only ways it can compete with giants like Apple Music. Source- REUTERS
Also read-
UNOCOIN RAISES $1.5 MILLION FROM U.S., INDIAN INVESTORS
PRESENTING ALL NEW MEETUP!