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