Twitter invests $70 million into SoundCloud
The social network previously pulled out of a deal to buy SoundCloud in 2014
Two years on from pulling out of a deal to buy SoundCloud, Twitter has invested $70 million into the music streaming service. It follows the integration of SoundCloud with Twitter moments in April.
Speaking about the deal, Twitter CEO Jack Dorsey said: “Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators. They've been great partners of ours over the years and their community-supported approach mirrors ours in many ways.”
Nothing is known publicly about the specifics of the deal at this time.
A statement from a SoundCloud spokesperson reads: “We can confirm that Twitter has made an investment in SoundCloud. Both companies facilitate and inspire contemporary culture to happen in real time while reaching millions of people around the world.
“This investment will enable SoundCloud to remain focused on building value for creators and listeners alike, and to continue the global rollout of many company initiatives such as our recently launched subscription service, SoundCloud Go.”
[Via: Recode]
Patrick Hinton is Mixmag's Digital Intern, follow him on Twitter