In a bid to address its growth pangs, Twitter is considering acquiring SoundCloud, Recode reports. SoundCloud is a music and audio sharing service, which calls itself the YouTube of audio. It last announced having 250 million users in October 2013 and was valued at $700 million earlier this year when it raised $60 million in funding. Also Read - Explained: Can Twitter get banned in India?Also Read - Twitter vs government: Twitter India loses legal protection for not complying with IT rules on time
Twitter has had little success with channeling music on its feed. The microblogging site had earlier acquired a music discovery service We Are Hunted and launched the Twitter Music app, but the app failed to impress and was eventually taken down. Also Read - Twitter friends/followers seeking your unwanted attention could be Unmentioned
The acquisition will enable Twitter to get into new areas for growth. Twitter’s stock has been battered during the last few weeks and this acquisition might help quell investor fear about the company’s growth prospects.