The world of technology has always been a place where investments play a big role. There are many services which have grown in manifold and have helped the investors gain big money. Twitter, as we know it to be, is a giant when it comes to Social Media, and the company has been increasing and expanding at a rapid speed. The company has now confirmed the fact that they have invested in SoundCloud back in the month of January.
SoundCloud has been a popular platform where many composers have been sharing their tracks and it has been growing in stature off late. Twitter had a keen eye over this, and their investment is a big help to SoundCloud.
“Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators,” Twitter chief executive Jack Dorsey said.
While the company has not disclosed the exact amount of their investment, according to reports from RE/Code, the investment is somewhere around the tune of $70 Million.
SoundCloud, a platform that enables people to upload and share music and other audio files, also confirmed that Twitter had made the investment. SoundCloud had been going through a major round of funding where they have raised a total of 100 Million dollars. It has been expected that the company stands in at around $700 Million at the moment.
It is also worth noticing that Twitter has had a connection with music since quite some time, as in 2013, the company tried experimenting with their music service, Twitter Music, which eventually shut down in the year 2014. Back then, the company had said that they will be looking forward for ways to bring more music based content into their service.
It finally looks like Twitter has found a musical partner in SoundCloud!