Twitter buys stake in SoundCloud

Nieuws Breedband Wereld 15 JUN 2016
Twitter buys stake in SoundCloud
Twitter has invested around USD 70 million for a stake in the music service SoundCloud, reports Re/code. This is part of a financing round by SoundCloud to raise about USD 100 million in total, sources familiar with the deal said. The round is expected to value SoundCloud at about USD 700 million — the same value that investors placed on the company in 2014. 

Twitter CEO Jack Dorsey wouldn’t comment on the specifics of the company’s investment, but confirmed that Twitter now owns a stake in SoundCloud. "Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators," he said. "They've been great partners of ours over the years and their community-supported approach mirrors ours in many ways."

Further details on the cooperation were not disclosed. SoundCloud may be able to use Twitter to help promote its subscription service SoundCloud Go. The deal is also in line with Twitter's efforts to increase user engagement through more content services, such as its recent deal with the NFL for live football and an agreement to offer clips from Spotify. 

Categories:

Internet

Companies:

Twitter,  SoundCloud

Regions:

Wereld

Tags:

Messaging, Wireless, Corporate, Digital Music

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