Twitter Set To Buy Music Streaming Service SoundCloud

It's not only Google that has been out shopping. Now micro-blogging site Twitter has also started showing signs of going out for shopping spree. A recent report online suggest that Twitter is planning to buy a music sharing social site called the SoundCloud. The news come from a publication site Recode.

If you are not aware, Twitter already had Twitter Music which failed badly and the company had to pull the plug from the service soon, one year after its launch. Now the company is again planning to rekindle the company's venture into music by acquiring SoundCloud.

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One of the best live music streaming sites, SoundCloud is very popular at the moment and has over 250 million users. It offers features like sharing and discovering music and also uploading your own music for others to listen.

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The Germany-based SoundCloud is worth $700 million. Moreover, SoundCloud could also use Twitter's resources to secure big licensing contracts with major music labels. Also a recent survey found that Twitter users share SoundCloud links more than any other music service, including Spotify.

However, the deal is not official at the moment and the person familiar with both the companies have reportedly leaked the information online. Thus, we can't say for sure, whether the deal is legitimate or fake and there is no word on the sum of money that's going to be involved in the acquisition.

Stay tuned to GizBot!