Universal Music Group is set to make a long-awaited deal to license its music to SoundCloud, sources tell The Post.
SoundCloud is a streaming music service that allows anyone to upload music and share it with the world.
Big-name artists, including Prince, have used the service to debut tracks and promotions to its young audience.
An endorsement from Universal Music Group, led by Lucian Grainge, is believed to be imminent and would put SoundCloud into the big leagues of music streamers, alongside Spotify, Apple Music and YouTube, and give it some financial stability.
SoundCloud has about 175 million registered users globally, according to a source.
The firm, which is helping new artists get attention thanks to social media sharing, already has a deal with Warner Music and is negotiating with Sony Music.
It has complained about limited opportunities to make money from the service.
SoundCloud confirmed reports Monday that it had raised $32 million in debt funding from Tennenbaum Capital Partners.