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June 15, 2016 12:00 am
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/XAgdun6--gI/twitter-invests-70-million-in-music-streaming-service-soundcloud
Twitter Invests $70 Million In Music Streaming Service SoundCloud
An anonymous reader writes: Recode reports that Twitter has decided to purchase a piece of the music streaming service SoundCloud. Roughly two years ago, Twitter thought about buying SoundCloud, but ultimately ended up walking away from the music service. Now, Twitter has invested around $70 million "as part of a round that should end up in the $100 million-range." Recode reports: "The round is expected to value SoundCloud at about $700 million -- the same value that investors placed on the company in 2014, when it raised $60 million; since then it has also raised a debt round." Twitter CEO Jack Dorsey wouldn't comment on the specifics, but did confirm Twitter's stake in the company. "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." Twitter may try and integrate SoundCloud into its service to increase growth and engagement, while SoundCloud may try and use Twitter to promote its newly launched subscription service.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/XAgdun6--gI/twitter-invests-70-million-in-music-streaming-service-soundcloud
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