Twitter is no doubt a social media phenomenon, with nearly 175 million tweets being sent each day last year. Since the site was launched, users have sent over 163 billion tweets into cyber space and the company is expected to make nearly $540 million in advertising revenue by 2014. With huge amounts of followers signing up by the minute, it seems as if Twitter is doing something right. And just today it has decided to move or fly rather into unchartered territory by revealing it is currently in the midst of developing a music application.
This reveal comes on the heels of the recent purchase of We Are Hunted, a music service, and the app will be made specifically for iOS devices. According to the Guardian, users leveraging it can comment on their favorite songs and pass them on to whomever they choose or even elect to remain continuously updated on what their all time favorite musicians are working on at the moment.
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Soundcloud, a music sharing service, will be the platform powering the exciting offering.
This expansion seems to definitely make sense for the business that sees constant chatter in regards to music occurring frequently on its page. Who is the most popular artist right now as decided by Twitter lovers? It seems to be Justin Bieber, the teen pop star who broke Selena Gomez’s heart but remains in the heart of an estimated 35.9 million followers.
The music streaming service space overall is picking up speed as of late. Earlier this month, I reported that Daisy will also soon be making its official debut. Those responsible for this music solution include billionaire Len Blavatnik in addition to the masterminds behind Beats by Dr. Dre, one of the most expensive set of headphones currently on the market.
Slated to come to market at the end of the year, industry experts at The Verge are forecasting that “investors will be throwing large sums of money into subscription music” now and in the future. They cited last year’s $100 million investment in Spotify in addition to the fact that Blavatnik bought Warner Music Group in 2011, a move that in conjunction with a streaming service can prove highly profitable.
Edited by Carlos Olivera