Active Stocks
Thu Mar 28 2024 13:59:22
  1. Tata Steel share price
  2. 155.60 1.80%
  1. HDFC Bank share price
  2. 1,454.10 0.93%
  1. Power Grid Corporation Of India share price
  2. 277.55 2.40%
  1. ITC share price
  2. 430.95 0.69%
  1. State Bank Of India share price
  2. 755.20 2.88%
Business News/ Companies / Twitter invests $70 million in SoundCloud
BackBack

Twitter invests $70 million in SoundCloud

Twitter CEO Jack Dorsey confirms the investment in SoundCloud through Twitter Ventures earlier this year

Twitter’s investment was part of a funding round expected to be in the range of $100 million, which would value SoundCloud at about $700 million, the Re/code report said. Photo: ReutersPremium
Twitter’s investment was part of a funding round expected to be in the range of $100 million, which would value SoundCloud at about $700 million, the Re/code report said.
Photo: Reuters

Bengaluru: Twitter Inc. has invested about $70 million in Berlin-based music service SoundCloud, technology website Re/code reported citing people familiar with the deal.

Twitter confirmed the investment, but did not provide any financial details.

“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.

Soundcloud, a platform that enables people to upload and share music and other audio files, also confirmed that Twitter had made the investment.

Twitter’s investment was part of a funding round expected to be in the range of $100 million, which would value SoundCloud at about $700 million, the Re/code report said.

The microblogging site has previously attempted to make a foray into music with the launch of Twitter Music in 2013, which was closed a year later. At the time, the company said that it would look for new ways to bring music based content to the service. Reuters

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 15 Jun 2016, 11:23 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie