Music streaming company Spotify is reportedly in talks to take over $700m (£535m) rival Soundcloud.

The two sides are in advanced negotiations, according to the Financial Times.

The talks come at a time when competition in the streaming music sector is intensifying.

Sweden's Spotify remains the market leader but faces increasing competition from Apple Music and Amazon's recently launched music service.

German-based SoundCloud built its business by allowing artists to upload their music and share it with fans on social media and blogs.

It has established the company as an influential player in the music industry, especially in the dance music genre.

In March, the company launched a pay-for streaming service similar to the offering from Spotify or Apple Music.

BBC