To keep our price competitive for our customers, [this price inflation] isn't something we can do,' Spotify CEO Daniel Ek tells the European Commission.
SoundCloud's founders and investors were exploring strategic options for the company, including a sale, that could value it at $1 billion, Bloomberg reported in July.
The two companies have gone head to head in the battle for music streaming customers since Apple Music was launched in more than 100 countries last year.