Spotify in advanced talks to buy SoundCloud

Swedish music-streaming service provider Spotify is in advanced talks to acquire German rival SoundCloud, the Financial Times reported on Wednesday, citing people briefed on the discussions.

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.

The FT story did not provide more details.

Music-streaming companies have struggled to turn a profit amid rising competition from larger players such as Apple Inc .

Amazon.com Inc is also preparing to launch a standalone music-streaming subscription service, Reuters reported in June, citing people with knowledge of the matter.

SoundCloud declined to comment, while Spotify could not immediately be reached for comment.