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Twitter (TWTR) Considers Bid For SoundCloud

NEW YORK (TheStreet) -- Twitter (TWTR - Get Report) was gaining 0.2% to $32.32 Monday following reports that it is considering a deal to buy SoundCloud.

According to Re/Code, the social network company is looking to buy SoundCloud as a way to move into the music space. SoundCloud announced a $60 million funding round earlier this year that valued the company at $700 million. There's no mention of how much Twitter might pay for the company, however.

Twitter previously attempted to get into the music space with Twitter Music last year. The stand-alone app relied on services such as Spotify for music. Twitter pulled the app in March.

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"Twitter, Inc. (Twitter), is a global platform for public self-expression and conversation in real time. Twitter is a real-time platform, where any user can create a Tweet and any user can follow other users. Each Tweet is limited to 140 characters of text, but can also contain rich media, including photos, videos and applications. Viewers can see photos, videos and conversations directly in Tweets to get the whole story at a glance, and all in one place. The Company offers Twitter apps for phones, tablets and computers. The Company generates its advertising revenue primarily from the sale of its three Promoted Products: Promoted Tweets, Promoted Accounts and Promoted Trends. Its users include millions of people from around the world, as well as influential individuals and organizations, such as government officials, celebrities, athletes, journalists, sports teams, media outlets and brands. In April 2014, Twitter Inc acquired Gnip Inc."

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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