Twitter held talks in recent months to acquire audio app Clubhouse for $4 billion, but the discussions broke down for reasons unknown, according to Bloomberg News Thursday.
Twitter wants to make its presence felt in the social audio space where the popular app Clubhouse operates.
For this, Twitter has already begun developing its own version of the app, Twitter Spaces, but before it did so the social networking service reportedly discussed taking over Clubhouse.
Already live on Android and iOS, Twitter Spaces allows users to create or join live audio discussion rooms on the platform, just like Clubhouse.
Clubhouse was unveiled in 2020 and popularized the concept of hosting live audio conversations.
Tech CEOs, Hollywood celebrities, and the ordinary people have since tuned in and hosted chat rooms.
The Clubhouse app has been downloaded by more than 10 million people, reports say.
Clubhouse has seen its popularity grow after appearances by billionaires Mark Zuckerberg and Elon Musk and as more people patronized the app during the coronavirus pandemic. It is currently invite-only and iOS exclusive.
LinkedIn, Slack, Spotify, Discord and Facebook are also working on similar features for their apps.
According to Bloomberg News, Clubhouse is still looking for investments, but the future of the social network is uncertain, given the growing competition.
Twitter declined to comment regarding the stalled discussions. A Clubhouse representative did not immediately respond to a request for comment.
Going forward, Twitter said it will introduce Twitter Spaces for desktop users and increase the platform's hosting capacity.