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Spotify said to be in advanced talks to buy rival SoundCloud

The Financial Times reports that an acquisition announcement is expected soon for the steaming service often referred to as the "YouTube for audio."

Spotify is reportedly in talks to acquire rival music-streaming service SoundCloud in a deal that could be worth $1 billion.

Spotify is reportedly in talks to acquire rival music-streaming service SoundCloud in a deal that could be worth $1 billion.

Mario Tama/Getty Images

Music-streaming service Spotify is in "advanced talks" to acquire rival streaming service SoundCloud, the Financial Times reported Wednesday.

An acquisition announcement could be made soon, according to the FT (subscription required), which cited people briefed on the discussions. A sales price wasn't mentioned, but Bloomberg reported in July that SoundCloud's owners were considering a sale that could value the company at $1 billion.

SoundCloud is a popular source for music, with about 175 million unique visitors a month compared with the 100 million active listeners for streaming music service Spotify. Often referred to as the "YouTube for audio," it differs from services like Spotify and Apple Music by allowing people to upload tracks, which could beef up Spotify's appeal as it goes toe-to-toe with Apple.

SoundCloud's catalog of music contains more than 125 million tracks, including tons of user-submitted remixes, mashups and covers. The Germany-based company rolled out a premium Go tier in March, which killed the ads found on the free version of the SoundCloud service.

Spotify and SoundCloud representatives declined to comment on the report.