wordpress blog stats
Connect with us

Hi, what are you looking for?

Twitter invests $70 million in music streaming service SoundCloud: report


Twitter has invested $70 million in online music discovery service SoundCloud, according to a report on Re/Code. In May, it was reported that Twitter was looking to buy SoundCloud  but walked away from the deal. The publication added that the $70 million was part of a $100 million round of funding for SoundCloud and added that the company was valued at $700 million.

Twitter CEO Jack Dorsey and SoundCloud confirmed to Re/Code that Twitter now has a stake in the company, but declined to give specifics.

Twitter had been looking to break into the music streaming business for some time.  Twitter failed at creating a radio station based on what songs were trending and shut down its #Music app in April last year. One of the reasons why Twitter failed at this was because it tended to be very passive and it gleaned over hash tags to search for what was trending in music and could not take requests.

However, in September 2015, Twitter added a new discovery feature to its video sharing service Vine that let users explore songs in the new featured tracks section. . The company mentioned that it would also add a Billboard Social 50 chart which will list most popular music Vines to aid music discovery.

SoundCloud subscription service

Advertisement. Scroll to continue reading.

SoundCloud recently launched a subscription service. In April, the company signed a deal with record label Sony Music. The new deal would allow SoundCloud to legally stream artists who have signed up under Sony Music. SoundCloud claims to have more than 110 million tracks on its platform; that number is expected to rise with Sony Music’s 20,000 independent lables in partnership from Universal Music, and Warner Music.

Other developments in online streaming

– Australia-based music streaming service Guvera is looking to raise up to $56.7 million (about Rs 390.7 crore) through an initial public offering (IPO). Guevara says it has over 14 million users across the 10 markets, of which only 3,655 are paid users (as of May 27, 2016). Interestingly, Guvera claims to have 7 million users in India, as of May 2015.

– In April, Times Music was appointed as a curator on Apple Music and will provide editor curated recommendations for music catalogs available on the latter. Times Music will curate playlists across genres like fusion, Sufi, electronica, devotional, pop and rock weekly. Times Music claims to have 12,000 songs in its library and includes Indian and international artists.

– MixRadio, the service formerly known as Nokia Music, called it quits in March after 17 years of operations. More on that here.

– Music streaming service Rdio will be shut down its operations on December 22, 2015. Earlier in November, 2015, Rdio’s peer Pandora bought several of its key assets for $75 million after it filed for bankruptcy. Rdio had said it would be winding down its service in all markets including India.

Advertisement. Scroll to continue reading.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.



The Delhi High Court should quash the government's order to block Tanul Thakur's website in light of the Shreya Singhal verdict by the Supreme...


Releasing the policy is akin to putting the proverbial 'cart before the horse'.


The industry's growth is being weighed down by taxation and legal uncertainty.


Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.


Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.

You May Also Like


Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...


135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...


Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...


By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ