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Financial times have recently released a report stating that Spotify are very close to a deal where they will be set to buy and take over the control of major streaming company Soundcloud. This is a big move for Spotify as if this works out, they will be eliminating one of their biggest competitiors and so have a stronger monopoly over the music streaming business. Both companies are yet to make a comment on the situation and have so far declined to release any sort of press statement.

Soundcloud was launched back in October 2008 and has since risen to become the go-to website for producers & musicians to share their music to the world. With over 175 million unique monthly listeners, the company is now worth around $700 million. Spotify, by coincidence, was also launched back in October 2008 but has been more of a successful business as its worth is just over $8 billion. Many people have had issues with Soundcloud’s website & systems in the past as the company has not been able to invest properly back into the business (due to not earning enough profit). If Spotify were to buy Soundcloud, then we could hopefully see Soundcloud reinvented for the better.

Many people have had issues with Soundcloud’s website & systems in the past as the company has not been able to invest properly back into the business (due to not earning enough profit). If Spotify were to buy Soundcloud, then we could hopefully see Soundcloud reinvented for the better.

We will let you know any updates as soon as we receive any so keep checking  our website!

H/T: Variety



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