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Wednesday, June 15, 2016
Twitter Invests $70 million in SoundCloud


Twitter has made an investment in SoundCloud that could help the Berlin-based music-streaming service with building up its recently launched subscription service.

Twitter had previously considered acquiring the company, which allows users to upload and share audio files, before backing out of talks in 2014.

"We can confirm that Twitter has made an investment," SoundCloud said in a statement Wednesday. It said it will use the money to "continue the global roll-out of many company initiatives such as our recently launched subscription service, SoundCloud Go."

The company declined to specify the sum of the Twitter investment, which was made through its venture arm Twitter Ventures, but Recode earlier reported it was around $70 million.

SoundCloud has a massive user base but it had been under increasing pressure to develop a paid service after failing to turn its reach into sustainable revenue streams.



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