Although Twitter pulled out of a deal to buy SoundCloud in 2014, it is now reported that the social network giant has invested $70 million into the music streaming platform.
When discussing the investment deal, Twitter CEO Jack Dorsey stated: “Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators. They’ve been great partners of ours over the years and their community-supported approach mirrors ours in many ways.”
This follows Twitter’s announcement that SoundCloud will now appear in and stream via Twitter Moments thanks to a deal struck in April. The move aims to allow curators to build specific playlists for specific tweets.
There is no public information that discusses the $70 million cash infusion at this time, although a statement from a SoundCloud spokesperson reads: “We can confirm that Twitter has made an investment in SoundCloud. Both companies facilitate and inspire contemporary culture to happen in real time while reaching millions of people around the world.
“This investment will enable SoundCloud to remain focused on building value for creators and listeners alike, and to continue the global rollout of many company initiatives such as our recently launched subscription service, SoundCloud Go.”
It is estimated that this funding round values SoundCloud at about $700 million — the same value that investors placed on the company in 2014, when it raised $60 million.