Twitter Invests $70 Million in SoundCloud

The social media platform made the investment earlier this year.
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Having fallen victim to large amounts criticism due to its unprecedented licensing deal with Universal Music Group, which has resulted in an abundance of takedowns that are frustrating DJ's and producers who rely heavily on the platform, SoundCloud has found themselves looking for more capital. The streaming platform's new subscription service and strict copyright laws have alienated a huge number of content creators who have taken to social media and online forums to express their severe dissatisfaction with what was once the web's most beloved destinations for music.

We have just learned that Twitter, which originally planned on buying SoundCloud two years ago but ended up walking away from the $1 billion sell-off deal, has invested $70 Million in the online streaming service.

Although SoundCloud reps have not yet commented on this report, Twitter CEO Jack Dorsey confirmed that his company does in fact own stake in SoundCloud after saying: “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.”