UPDATE: Spotify said in Advanced Talks to Acquire SoundCloud - FT (AAPL) (TWTR)

September 28, 2016 4:38 PM EDT

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(Updated - September 28, 2016 4:48 PM EDT)

Spotify said in advanced talks to acquire SoundCloud, according to the Financial Times.

UPDATE - Investors in SoundCloud include Twitter (NYSE: TWTR), which invested in the online streaming music platform last summer.

Spotify reached 40 million paying subs in September (and 100 million total subs globally), though data wasn't available for SoundCloud. Apple's (Nasdaq: AAPL) Apple Music has around 17 million paying subs.

Pandora and Apple are on watch amid the news.

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