Twitter must have really liked the audio cards from SoundCloud it began supporting in April, as the social network reportedly invested some $70 million in the music-streaming service.
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.
A SoundCloud spokesperson also confirmed the investment to Re/code:
We can confirm that Twitter has made an investment in SoundCloud. 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, and to continue the global rollout of many company initiatives such as our recently launched subscription service, SoundCloud Go.
Twitter was reportedly in talks to acquire SoundCloud in May 2014, but those discussions were scuttled.
Sources told Kafka and Swisher Twitter invested about $70 million as part of a financing round that should total approximately $100 million, which would put SoundCloud’s value at some $700 million.
Readers: What are your thoughts on Twitter’s investment in SoundCloud?