Wednesday 18 January 2017

Twitter invests $70m in music streaming site SoundCloud - report

Published 15/06/2016 | 07:43

Jack Dorsey, inventor and co-founder of Twitter, which released financial results last week, revealing ‘paltry’ 60pc revenue increase. So why are some analysts calling this ‘failure’?. Photographer: Yana Paskova/Bloomberg
Jack Dorsey, inventor and co-founder of Twitter, which released financial results last week, revealing ‘paltry’ 60pc revenue increase. So why are some analysts calling this ‘failure’?. Photographer: Yana Paskova/Bloomberg

Twitter Inc has invested about $70m (€62.3m) in Berlin-based music service SoundCloud, technology website Re/code reported citing people familiar with the deal.

  • Go To

Twitter confirmed the investment, but did not provide any financial details.

"Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators," Twitter chief executive Jack Dorsey said.

Soundcloud, a platform that enables people to upload and share music and other audio files, also confirmed that Twitter had made the investment.

Twitter's investment was part of a funding round expected to be in the range of $100m, which would value SoundCloud at about $700m, the Re/code report said.

The microblogging site has previously attempted to make a foray into music with the launch of Twitter Music in 2013, which was closed a year later. At the time, the company said that it would look for new ways to bring music based content to the service.

Reuters

Read More

Promoted articles

Editors Choice

Also in Business