Twitter is getting involved in streaming music, but not how you might expect. The social network just invested $70 million in SoundCloud, the user-generated music platform it once tried to acquire.
All told, this latest round is expected to value SoundCloud at about $100 million, according to Recode. That’s number remains steady over its last round two years ago, a sign that investors have doubts about SoundCloud’s ability to keep growing–and make money from its 175 million listeners.
In March, SoundCloud launched its long-delayed $10-per-month subscription service called SoundCloud Go. Spotify currently leads the music subscription market with 30 million paid listeners, but Apple is quickly gaining ground with its one-year-old subscription service.JPT