Twitter Invests $70 Million in SoundCloud Music Service

15soundcloud-facebookJumbo

Twitter has invested about $70 million in the streaming music service SoundCloud in a deal that may help both companies attract more users.

SoundCloud opened in 2008 and became a favorite of musicians and fans, attracting what it says are 175 million users worldwide. The deal will mean needed funds for SoundCloud, which has struggled with losses despite establishing itself as a popular online outlet for new music. It could clarify how Twitter deals with entertainment, an area in which the company has stumbled in the past.