In September, news emerged that Spotify was negotiating to buy SoundCloud. The two streaming services were in “advanced talks,” the Financial Times reported, citing “people briefed on the discussions.” Now, Spotify has dropped its attempt to acquire SoundCloud, TechCrunch reports, citing a Spotify source “familiar with discussions.” The source reportedly said Spotify “ doesn’t need an additional licensing headache in a potential IPO year,” according to TechCrunch. Spotify has yet to confirm any plans to go public, but is widely expected to float its stock in 2017.

Representatives for Spotify and SoundCloud declined to comment about the report to Pitchfork.

Spotify co-founder Martin Lorentzon stepped down as chairman of the company in October, in another move potentially pointing the way to an IPO next year, the FT reports.

Read “The Year in Streaming 2016.”