Music News

Spotify agreeing 350m deal to purchase Soundcloud

Spotify agreeing 350m deal to purchase Soundcloud

Reports today suggest that Spotify are close to agreeing a £350m deal to purchase music website Soundcloud.

The report in the Financial Times suggests that talks are in their final stages.

It's quite the bold acquisition for Spotify as - since it was launched in Sweden in 2007 - Soundcloud has gone on to attract 175 million users a month, with the clientele being a younger, often creative user base. Consider that an average of 12 hours of music is uploaded to the site by artists every minute, with its largest investor being Twitter.

However, experts suggest the service's usage has levelled out since 2014, and the firm has yet to make a profit. Still it's a gauntlet and, with Spotify fighting off competition from Apple Music and Tidal to remain the most-used streaming service, moves like this can be make or break.

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