Spotify Reportedly in 'Advanced Talks' to Buy SoundCloud

Photo of Spotify CEO Daniel Ek by Michael Loccisano/Spotify

It appears Spotify's good month may actually be great, as the music streaming giant is said to be in "advanced talks" to acquire streaming platform SoundCloud.

According to a report Wednesday by the Financial Times, Spotify is genuinely considering the idea of purchasing SoundCloud, which was last valued at about $700 million.

The news comes as earlier this month Spotify announced it had surpassed over 40 million paid subscribers, with more than 100 million overall.

While SoundCloud has made efforts to accommodate changes in music streaming, the service has struggled to get record labels on board due to the ever-increasing battles over royalties. It lost $44.19 million in 2014, with $19.37 million revenue. 

Reps for Spotify and SoundCloud did not immediately reply to a request for comment.