Twitter CEO Jack Dorsey has recently announced that the social network has invested around $70M into the streaming service which is ten times smaller than their offer to buy SoundCloud two years ago, $700m,
What happened 2 years ago?
SoundCloud founders Eric Wahlforss and Alexander Ljung have demanded $1bn for the streaming service, and Twitter walked away.
However, Twitter is now back in the game – albeit for a reduced investment.
Twitter’s investment is the streaming platform’s largest funding round yet.
“EARLIER THIS YEAR WE MADE AN INVESTMENT IN SOUNDCLOUD THROUGH TWITTER VENTURES TO HELP SUPPORT SOME OF OUR EFFORTS WITH CREATORS. THEY’VE BEEN GREAT PARTNERS OF OURS OVER THE YEARS AND THEIR COMMUNITY-SUPPORTED APPROACH MIRRORS OURS IN MANY WAYS.” says Jack Dorsey.
H/T : MusicBusinessWorldwide