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Spotify said to be in talks to buy SoundCloud

Daniel Ek, CEO and Founder of Spotify
Andrew Burton | Getty Images

Music streaming company Spotify is in discussions to acquire rival SoundCloud, the Financial Times reported on Wednesday.

Spotify has faced competition, as companies like Apple and Pandora have beefed up their offerings. Apple Music, for instance, beat Spotify in a customer satisfaction survey released by J.D. Power on Wednesday.

SoundCloud, which hosts the orange wavelengths that embed podcasts and songs online, recently got a $70 million investment from Twitter.

Spotify and SoundCloud declined to comment.

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