Twitter is investing about $70 million in SoundCloud, the audio-upload service that the social-media company once considered a takeover target, according to a report.
Twitter CEO Jack Dorsey confirmed the company's investment to news site Recode but didn't provide further specifics. The $70 million amount is part of a round that should be worth about $100 million total, and it imparts a $700 million valuation to the company, Recode reported, citing unnamed people familiar with the deal. Twitter and SoundCloud didn't immediately respond to CNET's request for comment.
Often referred to as "YouTube for audio," SoundCloud is a popular source for music, with about 175 million unique visitors a month. (That compares with about 79 million active listeners for digital radio service Pandora.)
Up until this year, its catalog was mostly uploaded tracks, be that an unsanctioned DJ remix, a cover by an up-and-coming singer, or a Kanye West studio outtake posted by Yeezy himself. But earlier this year, SoundCloud launched a Spotify-like subscription service with official tracks, called SoundCloud Go.