Twitter has written down almost $70 million investment in SoundCloud referring that digital music industry is a challenging industry to rake in.
Jack Dorsey, CEO Twitter, invested in music streaming service SoundCloud in 2016 and has written off the deal in one year. It is said that Twitter has realized that the invested amount cannot be recovered anytime soon.
Here it is worth a mention that Twitter initially thought of acquiring the Swedish streaming giant but later bailed out. Mr. Kerry Trainor, CEO, SoundCloud, quoted that they will be focusing on a more limited monthly plan (for five dollars), and a renewed subscription service for producers, creators, and consumers.