Monday, May 19, 2014

Twitter Reportedly Considering Buying SoundCloud


Twitter is reportedly considering a deal to buy SoundCloud, according to tech news website Re/code.
 
The streaming service describes itself as the “YouTube of audio” and claims to have 250 million users.
 
SoundCloud is currently valued at $700 million, based on a $60 million round of funding earlier this year. If a deal goes through, it would mark Twitter’s most expensive acquisition ever.
 
Last year, Twitter introduced a music app called “Twitter Music,” which was intended to help users discover new artists and songs. However, the service was pulled in March due to a lack of consumer interest.
 
In addition to its failed music service, Twitter’s lack of user growth is also a thorn in its back. The company’s stock recently took a beating when its first quarter growth failed to impress some investors.
 
We’ll be watching this story closely and provide updates as they unfold.
 
Related: SoundCloud in Licensing Talks with Record Labels

| Music Industry, Music Tech
Social media, SoundCloud, Twitter,

Popular