Twitter drops $70 million into SoundCloud

Twitter invests heavily in SoundCloud, audio service says it will use funds to push subscription service and more.

@seanridgeley
Published Wed, Jun 15 2016 4:41 PM CDT   |   Updated Tue, Nov 3 2020 11:59 AM CST

Twitter earlier this year invested $70 million into SoundCloud, both companies have confirmed. Combined with other investments, the audio-sharing service is expected to value at an estimated $700 million.

Twitter drops $70 million into SoundCloud | TweakTown.com

"Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators," said Twitter CEO Jack Dorsey. "They've been great partners of ours over the years and their community-supported approach mirrors ours in many ways."

Meanwhile SoundCloud says the investment will help them with new initiatives like its subscription service SoundCloud Go.

Another goal no doubt is to strengthen two companies that have struggled with growth in recent years.

Twitter considered purchasing SoundCloud outright for $700 million in 2014, but ultimately decided against it.

NEWS SOURCE:recode.net

Sean has a background in journalism, and has been using that to write about gaming and tech since 2008 - first for Neoseeker, then Rage3D, and now, TweakTown. As News Editor, Sean's job is to supply regular stories on the latest happenings in the tech world. He also writes tweak guides to help you get the most out of your PC games and hardware.

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