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Graham Smith/flickr

Recode reports that Soundcloud has been unsuccessfully trying to raise $100 million in funding since the summer, and is now talking to potential buyers, including Spotify, who opted not to buy the streaming service last year.

Why it matters: Investors initially valued SoundCloud at $750 million, but now Recode reports that SoundCloud may be willing to consider bids so long as they are higher than the roughly $250 million they've raised to date. Despite going back to investors for two additional round of funding, including a $70 million investment from Twitter in 2016, investors say SoundCloud's valuation remains the same.

What's in it for Spotify? SoundCloud's competitive advantage is its music library, not its user base. Last year, SoundCloud introduced a $10 monthly subscription service, similar to Spotify's, but the offering hasn't gained much traction against its competitors, mainly Spotify and Apple Music, which have 50 million and 20 million paid subscribers each.

Go deeper

Mike Allen, author of AM
9 mins ago - Politics & Policy

Biden-Harris, Day 1: What mattered most

President Joe Biden and first lady Dr. Jill Biden arrive at the North Portico of the White House. Photo: Alex Brandon-Pool/Getty Images

The Axios experts help you sort significance from symbolism. Here are the six Day 1 actions by President Biden that matter most.

Driving the news: Today, on his first full day, Biden translates his promise of a stronger federal response to the pandemic into action — starting with 10 executive orders and other directives, Caitlin Owens writes.

Read: Pete Buttigieg's opening statement ahead of confirmation hearing

Pete Buttigieg, President Biden's nominee to be secretary of transportation, in December. Photo: Kevin Lamarque/AFP via Getty Images

Pete Buttigieg, President Biden's nominee to lead the Transportation Department, will tell senators he plans to prioritize the health and safety of public transportation systems during the pandemic — and look to infrastructure projects to rebuild the economy — according to a copy of his prepared remarks obtained by Axios.

Driving the news: Buttigieg will testify at 10 a.m. ET before the Senate Committee on Commerce, Science and Transportation. He is expected to face a relatively smooth confirmation process, though GOP lawmakers may press him on "green" elements of Biden's transportation proposals.

Off the Rails

Episode 8: The siege

Photo illustration: Aïda Amer/Axios. Photos: Mandel Ngan/AFP via Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. Axios takes you inside the collapse of a president with a special series.

Episode 8: The siege. An inside account of the deadly insurrection at the Capitol on Jan. 6 that ultimately failed to block the certification of the Electoral College. And, finally, Trump's concession.

On Jan. 6, White House deputy national security adviser Matt Pottinger entered the West Wing in the mid-afternoon, shortly after his colleagues' phones had lit up with an emergency curfew alert from D.C. Mayor Muriel Bowser.