However, thanks to a recent round of investment, the beloved (before all those copyright laws came into play) music service is off life support — thanks in part to a company that tried to buy it two years ago. According to reports, SoundCloud has managed to raise around $100 million in capital, with $70 million of that figure coming from Twitter. That’s a tenth of what the company was prepared to pay to buy SoundCloud back in 2014 before eventually walking away from negotiations.
Although he didn’t get into the specifics of the deal, Twitter CEO Jack Dorsey confirmed that Twitter now owns a stake in SoundCloud. “Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators,” he said. “They’ve been great partners of ours over the years and their community-supported approach mirrors ours in many ways.”
The future isn’t quite as bright as its orange logo for SoundCloud, but at least they’re staying afloat…for now.
Source: http://lifedrama.com.ng/twitter-invests-70-million-in-soundcloud/
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