Twitter is reportedly in the process of buying SoundCloud, a popular music sharing service. This would be Twitter’s latest attempt to get into the music business and could help the company’s lack of growth since going public.
Sources close to both companies told Re/Code Monday that Twitter is interested in adding SoundCloud to its roster of products. This could potentially be the biggest deal in Twitter’s history, as SoundCloud has estimated its worth at $700 million. That would easily top Twitter’s $300 million deal to acquire ad company MoPub after Twitter went public.
According to Billboard, the Berlin-based SoundCloud has 40 million users as of 2013. It was founded in 2007 by Eric Wahlforss and Alexander Ljung.
Twitter has desperately tried to take advantage of the mass network of artists and fans communicating on the microblogging site. However, efforts like Twitter #Music have failed. In March, it did announce a partnership to track music discussions with Billboard, but that’s not a deal that would help users share music on Twitter.
SoundCloud considers itself the “YouTube for audio,” where users can upload audio files and share them with subscribers and fans. There are also more SoundCloud links shared on Twitter than any other music service, notes Re/Code.
Twitter is also facing some worries from investors. Since the company has gone public, its growth hasn’t been as impressive. Currently, Twitter has 225 million monthly users.