Jul 19, 2016 12:41 PM EDT

Spotify Denies Plans For Xbox One Partnership; Streaming Service To Have IPO Soon?

Spotify has denied rumors about an Xbox One partnership. This comes after the streaming service confirmed a deal with the PS4.

Digital Spy reported that Spotify has debunked speculations that the streaming service will be made available for Xbox One. The company has partnered with PS4 last year.

The upcoming Windows 10 Anniversary Update will include background music functionality for the console. This sparked suspicions that the streaming service would be making its way to Xbox One.

Spotify took to Twitter to debunk the rumors. The company was asked by Twitter user PalmyGamingHD whether there will be a Spotify app for Xbox One.

"Hi! Right now we're focused on our exclusive partnership with PlayStation, we don't have any info regarding other consoles/BE," the official Twitter account of the streaming service replied.

It was noted that Microsoft has its own music service named Groove. However, it is described as a "poor substitute." There are other apps such as iHeartRadio and Pandora which can be used with the Xbox One.

According to Ubergizmo, the Windows 10 Anniversary Update will be rolled out on Aug. 2. Support for background music will be available for Xbox One users by then.

Spotify is currently being bulldozed by Apple. The tech giant recently proposed a "simplified" way of paying royalties to songwriters and publishers for music streaming.

If Apple's proposal would be approved, though, it would be difficult for Spotify and YouTube to continue their free streaming service. Spotify would need to increase its monthly subscription rate from $9.99, which is similar to what Apple Music charges, to something higher to accommodate the rumored change.

Meanwhile, Spotify may already be planning to have an IPO soon. Yahoo reported that the company's most recent funding announcement could be an indication of its readiness to start trading on the public market. The 2016 IPO market has also seen a rise after a slow start.

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