Twitter has dabbled with the music industry in a few ways, the company’s own Twitter Music service was shut down a few years back because no one knew it existed but now Twitter is back and has invested $70 million in SoundCloud, bringing the value of the audio service to $700 million. The actual deal was made public, but the Twitter CEO Jack Dorsey didnt actually divulge the actual amount the company had invested but he said that Twitter now owns a stake in SoundCloud.
Jack Dorsey said:
Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators, they’ve been great partners of ours over the years and their community-supported approach mirrors ours in many ways.”
What this deal will help Twitter achieve is yet to be known but probably the company is more interested in pursing the music arena again.