MUMBAI: Social networking site Twitter is considering buying a music streaming site, reports say. Although there are no details as yet, it is rumoured that Twitter’s hit-list includes music streaming sites- SoundCloud, Spotify and Pandora.
Apple recently took over the high-end audio equipment producing and music servicing company Beats by Dr. Dre. It signed a deal worth $3 billion to make up for the descent of iTunes Radio. Following suit, the micro-blogging site is also looking to venture into music streaming industry.
Some reports suggest that Twitter might end talks with the Berlin-based company SoundCloud since the “numbers didn’t add up” for an agreement to be made. Instead, it is weighing its options with Swedish based- Spotify or American based Pandora.
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SoundCloud (valued at $700 million) is a platform where users can upload their original music and share other audio files, while Spotify (valued at $4 billion) purely provides streaming and sharing services. Pandora Media (valued at $5.1 billion) is an internet-radio streaming service.
Twitter has been trying to attract more entertainment content and celebrities. Although Twitter had started an experimental app called Twitter music, it did not do well and was shut down earlier this year. It also entered into a partnership with Billboard to chart talks about the most popular brands via tweets.
If the company goes forward with the reported deal, which is worth billions, it would make it the company’s biggest acquisition to date.
Twitter and SoundCloud have so far refused to comment on any of the prospective deals.
