The music streaming giant is also rumored to go public next year.

Spotify is no longer planning to purchase SoundCloud, despite reports they were in “advanced talks” to purchase the platform, Techcrunch reports.

The reason for the back out is Spotify “doesn’t need an additional licensing headache in a potential IPO year,” according to the site’s source, meaning the company may finally go public in 2017. Earlier this year, SoundCloud was reportedly looking to sell its business for $1 billion.

This summmer, Spotify reached 40 million paid subscribers, a 10 million increase in five months that put them on a faster growth track than main competitor Apple Music.

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