Twitter launched its own music service, Twitter #Music, back in April, but the social network is already reportedly gearing up to shut it down. Apparently consumers haven't flocked to the service, though that's not too surprising considering it's rarely advertised or discussed, and adoption numbers are "abysmal," sources speaking to AllThingD said.

The social network's music service also struggled since the person behind the project, Kevin Thau, recently left the company. That means the company has had a hard time figuring out what to do with the application and how to move it forward. The firm isn't ditching music entirely, AllThingsD said, and is "restructuring" its entire music department.

We think it would be wise of Twitter to find a way to monetize #Music. As it approaches its initial public offering date, Twitter will need to show investors how it can generate additional revenue – and become profitable for the first time.