Twitter Invests $70 Million In Music Streaming Service SoundCloud (recode.net) 12
An anonymous reader writes: Recode reports that Twitter has decided to purchase a piece of the music streaming service SoundCloud. Roughly two years ago, Twitter thought about buying SoundCloud, but ultimately ended up walking away from the music service. Now, Twitter has invested around $70 million "as part of a round that should end up in the $100 million-range." Recode reports: "The round is expected to value SoundCloud at about $700 million -- the same value that investors placed on the company in 2014, when it raised $60 million; since then it has also raised a debt round." Twitter CEO Jack Dorsey wouldn't comment on the specifics, but did confirm Twitter's stake in the company. "Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators," said Twitter CEO Jack Dorsey. "They've been great partners of ours over the years and their community-supported approach mirrors ours in many ways." Twitter may try and integrate SoundCloud into its service to increase growth and engagement, while SoundCloud may try and use Twitter to promote its newly launched subscription service.
Podcasts safe haven (Score:3)
Many of my favorite podcasts are now on sound cloud, so they do seem to be offering some good deals to get them to migrate to their service.
Facebook and YT have been removing peoples live streaming due to copyright strikes for fair use complains. Lucky sound cloud must deal with them differently, because I can normally find them on there.
Re: (Score:1)
I too have a safe haven where I can enjoy all of the electronics and jewelry I want: a hammer, gun, and a black mask.
If you prefer to worry about things like paying for things you consume and the like and if you like jumping through hoops like that, I'm not here to judge.
Re: (Score:2)
Around $90-150m year they're losing and they only have $500M in capital assets. Seems like to me they're buying stuff up that will hopefully make it profitable.
dead twitter creates another zombie? (Score:2)
seems jack dorsey is in denial. his profitless, billions of dollar destroying, anti free speech, sjw ridden, company is a dead man walking.
this investment, being embraced by a smelly rotting corpse, is bad for soundcloud.
Such value, much invest (Score:1)
I used to use soundcloud, until they kicked me off. First the thing just stopped working, then I got a "fuck you" page with not even so much as an email address or any other contact info. So soundcloud thinks nothing of shutting users out on technicalities (like "browser too old" even though it used to work fine).
I don't think I would like to invest in outfits like that, no. But then, this is twitter, desperately seeking more enduring relevance than their own unicorn status grants them. We'll see how that w