Swedish music-streaming service provider Spotify is reportedly in advanced talks to acquire German rival SoundCloud, the Financial Times reported on Wednesday. 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, citing people familiar with the matter.

Both SoundCloud and Spotify declined to comment.

Music-streaming companies have struggled to turn a profit amid competition from larger players such as Apple.

Amazon.com is also preparing to launch a standalone music-streaming subscription service.

Spotify arrives in Japan

In related news, Spotify announced today at a press event in Tokyo that the service has launched on an invite-only basis in Japan, on mobile, tablet, desktop and PlayStation consoles.

Spotify is the first music streaming service in Japan to offer both a free-to-the-user ad-supported music service and a fully featured ad-free subscription service. Users can listen for free, or alternatively upgrade to Spotify Premium for only 980 yen a month.

Beginning today, Spotify will initially be available in Japan on an invite-only basis before opening to all users.