Back in 2014, it was rumored that Twitter was going to purchase SoundCloud. The deal went south and was called off due to a number of reasons. Now the third largest social networking platforms has decided to invest “around $70 million” in music-streaming service SoundCloud.
After Twitter killed off the deal with SoundCloud, Twitter decided to allow Twitter users to share SoundCloud tracks within the Twitter feed, enabling entire songs to be played without leaving Twitter’s timeline.
“Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators,” Jack Dorsey told Recode. “They’ve been great partners of ours over the years and their community-supported approach mirrors ours in many ways.”
The investment from Twitter was part of a new $100 million round that will reportedly value SoundCloud at about $700 million.