Andre Yoskowitz
16 Jun 2016 22:21
Twitter has invested $70 million in popular streaming music service SoundCloud in an effort by both companies to share users.
"Earlier this year, we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators," said Twitter CEO Jack Dorsey. "They've been great partners of ours over the years, and their community-supported approach mirrors ours in many ways."
SoundCloud has 175 million users while Twitter has 300 million monthly active users, and over 500 million accounts. The streaming service has struggled in recent years, however, with losses in the tens of millions despite increasing revenues. The investment will certainly help keep the company afloat for some time and "enable SoundCloud to remain focused on building value for creators and listeners alike," adds the company.
Source:
NYT