Thomson ReutersEarphones are seen on top of a smart phone with a Spotify logo on it, in Zenica
The Wall Street Journal first reported the deal on Tuesday. (http://on.wsj.com/1WVEqsr)
The deal is expected to close at the end of this week, Spotify spokeswoman Marni Greenberg confirmed to Reuters.
Spotify is facing increasing competition from companies including Apple Inc’s Apple Music, Pandora Media Inc as well as newer rivals such as Europe’s SoundCloud Ltd and U.S. music producer and rapper Jay Z’s Tidal.
Earlier on Tuesday, SoundCloud launched a music streaming service in the United States starting at $9.99 per month.
(Reporting by Alan John Koshy in Bengaluru; Editing by Kirti Pandey)
Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.
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