Twitter has invested about $70 million (£50 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.
Soundcloud, a platform that enables people to upload and share music and other audio files, also confirmed that Twitter had made the investment. Twitter's 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 microblogging 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.
SoundCloud, launched in 2008 by Alexander Ljung and Eric Wahlforss, is the leading audio platform that gives users unprecedented access to the world’s largest community of music & audio creators. With its continued ambition to unmute the web, SoundCloud allows everyone to discover original music & audio, connect with each other and share the sounds they hear. In addition, sound creators can use the platform to instantly record, upload and share sounds across the internet, as well as receive detailed stats and feedback from the SoundCloud community.
Reporting by Narottam Medhora and Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta