Twitter is in talks to buy popular music streaming service SoundCloud, as the newly listed social network tries once again to expand into music, according to a news report.
Technology blog Recode reports that Twitter is “considering a deal” to buy the German firm, currently valued at $700m, that would mark its biggest acquisition to date.
To date, Twitter’s most expensive purchase has been ad network MoPub, for which it paid about $350 million.
Soundcloud lets anyone, from individuals to DJ collectives to bands, upload and share audio clips. The firm claims to have 250 million users around the world, which could be a boon to Twitter as the social-networking company seeks to boost its growth.
According to Recode’s Peter Kafka, who first broke news of the possible purchase, “a SoundCloud deal would give Twitter a way to expand its reach independent of its core service”. In doing so, it could offer a way out of the company’s disappointing slump in growth.
Twitter has experimented with music services before. In April 2013, it launched a music-focused app which it claimed would “change the way people find music”. The app floundered and was unceremoniously killed in March 2014, after it fell as low as 1,486th in the music charts on iTunes