Twitter was previously in talks to acquire SoundCloud in 2014.
SoundCloud may be in debt, but it has no shortage of investors. After raising $60 million in 2015, the streaming platform has secured an additional $100 million from investors, including $70 million from Twitter, reports Music Business WorldWide.
Twitter was in talks to buy SoundCloud for $700 million in 2014 but ultimately walked away from the table. Twitter CEO Jack Dorsey confirmed that Twitter now owns a stake in SoundCloud in a statement. “Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators,” he said. “They’ve been great partners of ours over the years and their community-supported approach mirrors ours in many ways.”
SoundCloud launched its own subscription service "SoundCloud Go" in March. Unclear how successful that venture has been.