MOUNTAIN VIEW, Calif., June 5 (UPI) -- Google is reportedly surveying the market as it considers buying a music streaming service to keep up with its competitors.
With the increase in popularity of music streaming services, tech companies are trying to keep up with the competition. Sources in the music industry told the New York Post that Google has been evaluating the market to find the best buy.
"They've been having discussions with banks about how they're shaping their future music strategy," said one source, who noted that no official talks have taken place.
The pressure has mounted for them to find a service now that Apple has aquired Beats and Amazon is reportedly planning to add a music streaming service to Prime. In addition to outside rivals, they are also facing internal competition. YouTube, which is owned by Google, is aiming to launch its own service, "Music Pass," in October.
Analysts think that Google should buy Spotify, a paid music service valued at $4 billion with 10 million subscribers. However, with the company rumored to be on course for a fall IPO, they may be too big for Google to buy.