SoundCloud hosting platform for Sale for over $1 billion

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soundcloud 01 128x71 1SoundCloud hosting platform for Sale for over $1 billion

SoundCloud hosting platform for Sale for over $1 billion

In a deal that may total over $1 billion, audio hosting platform SoundCloud is looking for new ownership.

According to Sky News, the two primary SC shareholders, Raine Group and Temasek Holdings have begun preparations for the company’s potential auction by consulting investment banks.

The impressive scale of the SC evaluation is down to a major financial turnaround since 2017. Back then, the company was deep in debt, but with the essential investment of $170 million, it managed to stay on course.

SoundCloud for Sale

There has been some considerable downsizing of personnel in recent years, with 20 percent of the staff laid off in August 2022, with a further eight percent retrenched in May last year.

However, after serving as the Company’s president since 2021, Eliah Seton took over as CEO in 2023 and has steered SC steadily back into the realm of profitability.

Since the platform was launched in Berlin in 2007, over 320 million tracks have been published on SoundCloud from over 40 million artists.

As a platform, SoundCloud has played a major cultural role in the musical landscape over the past nearly two decades, especially when it comes to breaking artists in the Hip-Hop and Electronic music spheres.

What will this change in ownership mean for SoundCloud users in future? Will it continue to play such an important role in the music industry, or will it find new ways to monetize its services like every other tech platform?

Give us your take in the comments!

More about SoundCloud:

  • SoundCloud Official Newsroom
  • More about SoundCloud

The post SoundCloud hosting platform for Sale for over $1 billion appeared first on gearnews.com.

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