Twitter invest is SoundCloud

After two years of negotiations, SoundCloud and Twitter have finally become one. In 2014, Twitter began weighing the pros and cons of buying SoundCloud, but because of its financial situation and lack of licensing deals with record companies, Twitter quickly backed out. Since then, SoundCloud has struck a wealth of deals with new publishers and record companies, legitimizing it as a conventional music business. 

In 2008, SoundCloud became a much-loved business for both musicians and fans, with a generous 175 million users worldwide. However, major record labels were enraged because of the use of unlicensed content, which sparked copyright liability. This only made the money issues for the hit company worse. With $77 million in debt last year alone, the company stated it would need to raise a substantial amount of money to stay afloat.

This is where Twitter jumped on the sinking ship and pulled it back to shore. Twitter invested a whopping $70 million in the streaming music service, which only makes sense given their common ground in streaming, and the partnership that would bring Twitter new users and SoundCloud financial assistance.

Jack Dorsey, the chief executive for Twitter, confirmed the investment in a statement on Tuesday. “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.” Though he did not specify the amount, the figure was confirmed by an individual who had been briefed on the deal. 

Latest Posts

Monsanto Restricts GMO Cotton Seed to India

Monsanto Restricts GMO Cotton Seed to India

Monsanto Co. recently withdrew an application that was seeking regulatory approval for cotton seeds to be sold in India. This took place in the middle of a debate with the government on the subject of royalty fees. According to the spokesperson of Monsanto Co., Christi Dixon, the application was…

Brexit vote: Finance ministers meet to discuss impact

Brexit vote: Finance ministers meet to discuss impact

An urgent meeting with Chancellor George Osborne has been called by UK finance ministers from the three devolved governments. This came after Finance Secretaries Derek Mackay from Scotland, Mairtin O Muilleoir from Northern Ireland, and Mark Drakeford from Wales met in Cardiff. The finance ministers…

Wells Fargo fined for $70 million for mortgage malpractice

Wells Fargo fined for $70 million for mortgage malpractice

The U.S. Comptroller of the Currency fined Wells Fargo on Wednesday due to some malpractice in mortgage services. Between March 2013 and October 2014, according to the regulator, Wells Fargo made some escrow calculation errors. These errors, in some cases, led to incorrect denial modifications. The…

What you need to do before you quit your job

What you need to do before you quit your job

Quitting your job is a dream for many, especially if you’ve been unhappy there! In other cases, it may be as simple as moving on to greener pastures: a higher salary, a better position, or a company that is more compatible with your career and personality. Regardless of the scenario, ending…

How do you determine if you can buy a house?

How do you determine if you can buy a house?

Owning a home is a gigantic milestone in our lives. It’s not a decision that should be taken lightly as it is a huge financial commitment, and locks you into a specific neighborhood (renting always keeps your options open). If you think you’re ready to buy, there are a few things to keep…

What is a Mutual Fund?

What is a Mutual Fund?

There is no strict legal definition of the term “mutual fund”. Usually, the term “mutual fund” means an investment fund that is open to the public. A mutual fund is a way of investing money collectively with other investors. The main advantage of investing capital through a…

What is a Mutual Fund?

What is a Mutual Fund?

There is no strict legal definition of the term “mutual fund”. Usually, the term “mutual fund” means an investment fund that is open to the public. A mutual fund is a way of investing money collectively with other investors. The main advantage of investing capital through a…

Greece’s last chance to be in the Eurozone!

Greece’s last chance to be in the Eurozone!

On July 7th , 2015, European leaders will have a final word with Greece and there they will decide how to respond to the Greek referendum. The country is almost bankrupt and the complete financial structure has been collapsed. Standing in such a grave crises when the question rises whether Greece…

LATEST Videos