Soundcloud recently announced that they had lost over $44 million last year, causing everyone to wonder if the Streaming service would be around this time next year. The company was on the brink of shutting down until a round of investment helped them get their finances straight. Business site’s all over reported that they received $100 million, with $70 million coming from Twitter alone.
Jack Dorsey — who is Twitter’s current CEO — said this about the transaction:
“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.”
Hopefully this will help our favorite streaming service. #SaveSoundcloud
