Twitter Dips Beak Into Music Business With $70M Investment In SoundCloud

Image courtesy of Tom Raftery

Just months after SoundCloud launched its long-anticipated streaming subscription service, it’s attracted a rather large subscription of sorts from Twitter: the social networking platform has invested $70 million in the music service. 

Re/code reports that two years after Twitter played with the idea of buying SoundCloud, the company has come back making a hefty investment that could finally bring the messaging site into the music business.

While Twitter CEO Jack Dorsey wouldn’t comment on the specifics of the company’s investment, he did confirm that his site now owns a stake in the streaming service.

“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.”

Twitter has tried to previously integrate music into its fold, but nothing has stuck, that is, until now.

The investment in SoundCloud could be a path for Twitter to increase engagement and attract new users, Re/code reports. Additionally, SoundCloud could now use its new relationship with the site to promote its subscription service.

Twitter has invested in music streaming service SoundCloud [Re/code]

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