Sunday, December 22

Twitter Invests $70 million in SoundCloud

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

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.

The news app company investment was part of a funding round expected to be in the range of $100 million, which would value SoundCloud at about $700 million, the Re/code report said.

The micro blogging 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.

In the recent development, Twitter invested heavily on startups and also in talk to acquire others. It has also disabled 140 twitter characters per tweet and was also in talk with yahoo for the acquisition.