The music streaming platform is reportedly valued at over $1 billion.
Soundcloud is set to be sold. According to a Sky News report, the platform’s owners are preparing to sell the music streaming service later this year. The Raine Group and Temasek Holdings – which both invested in Soundcloud in 2017 when the company was facing debts and an uncertain future – have reportedly begun interviewing investment banks with a view to selling later in 2024.
The news follows on from lay-offs across the company over the past couple of years. In 2022, around 20% of staff were let go followed by 8% of Soundcloud employees made redundant last year.
Since starting up in Berlin in 2007, Soundcloud has hosted over 320 million tracks from more than 40 million artists. The platform had allegedly been on the verge of collapse in 2017 before its current investors and latest CEO Eliah Seton took over.
