Twitter has invested around $70 million in the music service SoundCloud.
The funding round lifts the expected value of SoundCloud to roughly $700 million, according to ReCode.
“Earlier this year we made an investment in SoundCloud through Twitter Ventures to help support some of our efforts with creators,” Twitter CEO Jack Dorsey told recode. “They’ve been great partners of ours over the years and their community-supported approach mirrors ours in many ways.”
Twitter told TheWrap the company would not comment beyond Dorsey’s statement.
Twitter and SoundCloud have been rumored as potential business partners since 2014. It’s not currently clear how Twitter will be involved in the music service.
Berlin-based SoundCloud has a streaming subscription service, aimed at competing with Spotify, Google Play Music, Apple Music, Tidal and others. It has licensing deals with Sony Music, Warner Music Group and Universal Music Group.
Last week, Twitter named Ross Hoffman its new vice president of global media.
“This year we’re focused on delivering on five product priorities — refining our core service, live-streaming video, creators, safety, and developers — as well as recruiting great talent,” Twitter said in a statement at the time.