Bloomberg is reporting that social media site Twitter has been working to get into the Internet music streaming business, and an anonymous source has said that the company is hoping that the new program will allow users to listen and share songs via Apple (NASDAQ:AAPL) devices.

Last year, Twitter acquired We Are Hunted, a service dedicated to new music discovery to move forward in its push to enter the industry, although the deal has not been announced and details of the purchase were not made available. Things appear to be getting more serious, as the company has tapped into Berlin-based Soundcloud as the source for music streaming.

Originally a social media site that would allow users to communicate to followers via 140 character blurbs, Twitter has been looking for alternative channels to better compete with other social media sites like Facebook (NASDAQ:FB) or Pinterest. The addition of a music service would not only increase user time spent on Twitter, but give record labels and musicians another outlet for increasing their audiences.

The partnership with Soundcloud would give the popular music site a mobile platform, and offer Twitter the opportunity to get on the same level as Facebook, who already has music sharing abilities, through Spotify.

The service would also be another contender in the music streaming industry, which is currently dominated by Pandora (NYSE:P). Pandora has been facing mounting competition from companies like Spotify, and more recently, is gearing up to go head-to-head with Apple when its own stream is released, sometime later this year. Twitter’s blend of social media and music would pose another obstacle for Pandora, whose social networking aspect is considerably behind in networking power.

Although Twitter has not discussed plans for launching an initial public offering, the company has been beefing itself up, internally as well as externally, hinting that it may pursue an IPO at some point in the future.

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