Spotify Backs Down On Plan To Buy SoundCloud

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Spotify Backs Down On Plan To Buy SoundCloud

It looks like Spotify’s plan to buy out SoundCloud has been flipped on it’s head, despite being in “advanced talks” to do so, TechCrunch reports.

The reason behind Spotify’s backing out of the deal spurs from the fact they, according to a source from the site, do not “need an additional licensing headache in a potential IPO year”.

It has been a big year for both streaming services, with SoundCloud recently looking to sell for 1-billion dollars and Spotify reaching over 100 million subscribers. They’re doing it big.

Do you think this was a smart business move from Spotify? Let us know in the comments below.

(Via FACT Mag)

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