Twitter tunes into SoundCloud sale amid Spotify talks

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Beleaguered Twitter might be looking for a buyer to end its misery, but it could cash in on a sale of SoundCloud, another start-up struggling to turn a profit.

The micro-blogging company — which is in talks with suitors including Google, Salesforce and Disney over a buyout — paid  $70 million (£54 million) for a 10% stake in the German music streaming company  in June.

Reports now suggest Spotify is in takeover talks with its smaller rival. Twitter will make a profit on its investment if the Swedish firm pays more than $700 million.

SoundCloud began life as an online platform for unsigned musicians to upload songs but branched into music streaming earlier this year in its search for revenues. The move put stars such as Taylor Swift and Justin Bieber on the platform.

Tech giants Apple and Amazon recently launched music streaming services, putting pressure on players such as SoundCloud.

Source Article from http://www.standard.co.uk/business/twitter-tunes-into-soundcloud-sale-a3357311.html

September 29, 2016 |
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