Twitter Now Owns A Stake In Soundcloud

Music News

A couple years ago, Twitter thought about buying Soundcloud but now they’ve invested $70 million instead.

READ: Mark Zuckerberg Inadvertently Responds To Kanye West’s Investment Request

Twitter CEO Jack Dorsey says they made the investment through Twitter Ventures, the venture capital leg of the social media platform that launched last May. The executive issued a statement concerning the deal saying “Soundcloud has been great partners of ours over the years and their community-supported approach mirrors ours in many ways.”

The amount of money invested has awarded Twitter with a stake in the company but all other details Dorsey has kept private.

READ Twitter Adds BET CEO Debra Lee To Its Board Of Directors

Soundcloud has been a fan favorite since it’s inception in 2008 for its ability to stream mixes and being an “of the people” service. This could be a major move in keep streaming alive and well in the music industry, but with a new major player in Soundcloud’s ownership, will things begin to change? Only time will tell.