Spiegel has previously expressed an interest in the music industry. Executive emails leaked in the Sony Pictures Entertainment hack last year revealed that the 24-year-old entrepreneur "would like to have a record label so he could focus on the artists that he wants to use [Snapchat] to promote."
Snapchat has since doubled down on content with the launch of "Discover," a series of curated channels featuring videos and content from selected partners. These include VICE, Yahoo!, MTV, and National Geographic. The acquisition of Big Machine could help expand this push in new directions - and Swift would add serious star power to the platform.
It wouldn't come cheap, however. Big Machine is currently owned by Scott Borchetta, and the New York Post reports that his asking price is currently $350 million (£227 million). Apple is also reportedly interested in the label, and a NYP source suggests that Apple and Snapchat might pair up in some fashion for the acquisition.
Interestingly, Spiegel and Swift have been romantically linked in the past. A report by Hollywood Life claims the pair met in December 2013 and began dating. They ultimately separated because of the singer's "neediness." "In the end, Taylor just couldn't deal with the fact that she wasn't a priority in his life," a source said.
The pair would rent out entire movie theatres and restaurants to guarantee their privacy while dating, OK! reported at the time.