Twitter has reportedly invested around $70 million in SoundCloud

Twitter has invested in the audio-streaming company SoundCloud, according to multiple reports.

The investment was first picked up by Recode, which claims the investment is around $70 million at a $700 million valuation. These figures were then echoed in a Financial Times report.

Twitter’s CEO Jack Dorsey hasn’t revealed the specifics of the investment, but did confirm to Recode that his company “made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators”.

SoundCloud, meanwhile, released the following statement: “We can confirm that Twitter has made an investment in SoundCloud. Both companies facilitate and inspire contemporary culture to happen in real time while reaching millions of people around the world. This investment will enable SoundCloud to remain focused on building value for creators and listeners alike, and to continue the global rollout of many company initiatives such as our recently launched subscription service, SoundCloud Go.”

Twitter previously eyed up buying SoundCloud in 2014, but eventually walked away from the deal in the same year. It now looks like Twitter wants a strategic partnership with the music-streaming company, which would make sense given the financial troubles both companies are facing – Twitter has been taking a beating on Wall Street for its inability to grow, and SoundCloud said in February this year it needed a cash infusion to keep afloat.    

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