Google is mulling an acquisition of Berlin-based music creation and promotion platform SoundCloud, Music Business WorldWide (MBW) reported, not long after Spotify decided against making a move.

SoundCloud reportedly wanted to sell for $1 billion, an amount that deterred not just Spotify but Twitter as well. It could now be acquired for around $500 million, the report said, adding that SoundCloud hired former Google executive Holly Lim as its first CFO in September last year.

The report also revealed that three major labels – Universal, Sony and Warner, own stakes in SoundCloud.

If SoundCloud was sold for $500 million, these firms would get a cut of around $45 million, MBW said.

Last month, Spotify said the costs and licensing agreements needed to acquire SoundCloud would “slow its path” towards its initial public offering, which is planned for 2017.