Tech

Twitter invests $70 million in Soundcloud

by Jeremy Mersereau

Straight from the beak of CEO Jack Dorsey: Twitter has invested a cool $70 million in Soundcloud, cementing a relationship between the two tech giants/endless sources of annoying half-baked ideas.

In a statement, a Soundcloud representative confirmed Twitter’s substantial investment, saying that “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.” Yeah… pretty sure contemporary culture happens in real time already.

Twitter CEO Dorsey did not comment on the specifics of the deal, but did make statement saying that Soundcloud have “been great partners of ours over the years and their community-supported approach mirrors ours in many ways.”

Worth noting: two years ago, Twitter contemplated the outright purchase of everyone’s favourite orange music sharing platform (not DJ Pauly D). Twitter then walked away from the Soundcloud deal by letting a crucial negotiation window lapse, but now it appears that they’re ready to put their Bitcoins where their mouths are.

Both companies have recently faced criticism and scrutiny due to lack of growth and hurdles to monetization, so it makes sense that the platforms would see the value of further integrating to showcase the strengths of their community-focused blockchained gameified clouds or whatever. At the very least, users will hopefully get some new buzzwords out of this.

[h/t Recode]