Twitter has invested about $70 million in the streaming music service SoundCloud in a deal that may help both companies attract more users.
Jack Dorsey, Twitter’s chief executive, confirmed the investment in a statement to technology news site Recode.
He did not specify the amount and a spokeswoman for Twitter declined to comment. But the figure was confirmed by a person who had been briefed on the deal.
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.
The New York Times