Spotify Is Growing And Is Wanting To Absorb SoundCloud Now

Spotify is in advanced talks to acquire rival music service SoundCloud, according to a report by the Financial Times.

 An announcement of the acquisition could be made soon, according to the Times. 

The acquisition would come just months after SoundCloud launched its own paid streaming service.

 A Spotify spokesperson declined to comment on the report when contacted by Variety; SoundCloud didn't immediately respond to a request for comment.

 Spotify is the market leader in the growing paid streaming business, disclosing earlier this month that it now has more than 40 million paying subscribers.

 Its biggest competitor is Apple Music with 17 million paying subscribers.