Soundcloud has been on the rocks as of late with many high profile users having issues with the site due to tracks being removed or account being hacked. Now the streaming platform has been given a major boost to the tune of a $70 million investment from Twitter, according to Recode.
The new investment is part of a major round of investments totaling in the $100 million range. This will also declare Soundcloud's value at $700 million, which is what the streaming platform was valued at in 2014.
Twitter CEO Jack Dorsey had this to say: “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.”
This comes after Deadmau5 had his account hacked and numerous artist had tracks removed, including Ookay, Oneman, Lido and Jackmaster. Four Tet also recently called Soundcloud, "a total slice of shit".