Twitter invests $70m in SoundCloud

Twitter has reportedly invested about $70 million in the audio streaming company SoundCloud. Two years ago, the social media platform considered buying the streaming site, but in the end, this didn't happen. The deal is expected to help both companies attract more users.

"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," Twitter CEO Jack Dorsey explained.

The Berlin-based SoundCloud launched in 2008 and has 175 million users worldwide. It offers music tracks from unsigned bands, DJs and popular artists, audiobooks and podcasts to its users. In the recent years, the company has been struggling with major record labels over copyright infringement.

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