Online
social networking giant Twitter has invested a whopping 70 million dollars in
SoundCloud, the global online audio distribution platform, to help the
Berlin-based music streaming business expand its paid offering.
The
Independent reports that this investment is part of a larger financing round
expected to amount to about $100 million, valuing the company at about $700
million.
"We
can confirm that Twitter has made an investment,"
the SoundCloud said in an e-mailed statement.
However,
it refused to comment on the valuation.
The
company said it will use the amount to "continue the global roll-out of
many company initiatives such as our recently launched subscription service,
SoundCloud Go."
SoundCloud,
which claims of having 175 million monthly users, had earlier released the
premium service in March and completed deals with major music labels and
publishers as well.
Representative
Image
Source:
ANI
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