Report: Twitter Walks Away from Soundcloud Acquisition

twttr

The Wall Street Journal reports [sub req'd] that Twitter walked away from negotiations to buy Soundcloud, the music-streaming service.

The Journal cites an anonymous source that said “the numbers didn’t add up.” Soundcloud is valued at $700 million, and would’ve been Twitter’s largest acquisition.

No word yet on which side initiated the talks, but Twitter is trying to find the right strategy to keep up user growth and engagement.

The company’s previous foray into the music space lead to its #Music app, which saw a 62 percent drop in usage one month after launching. Twitter shuttered the app in March of this year.

Soundcloud’s user base is roughly comparable with that of Twitter’s.

Related Stories
Mediabistro Course

Social Media 201

Social Media 201Starting October 13Social Media 201 picks up where Social Media 101 left off, to provide you with hands-on instruction for gaining likes, followers, retweets, favorites, pins, and engagement. Social media experts will teach you how to make social media marketing work for your bottom line and achieving your business goals. Register now!