Music streaming platform SoundCloud — which currently has over 40 million artists active, with a total of 320 million songs released over the last 15 years [via NME] — is expected to be put up for sale later this year, Sky News reports.
Shareholders Raine Group and Temasek Holdings have reportedly begun the process of interviewing investment banks regarding a "prospective auction of the company," according to the outlet. However, a potential sale won't take place immediately, and is likely to come later in 2024.
In 2017, Raine and Temasek invested a combined $170 million USD into SoundCloud as the 2007-founded platform faced closure, laying off 40 percent of its staff. Since then, Eliah Seton took over as CEO and the streaming service faced accusations of lowered audio quality from users. SiriusXM acquired a minority stake in the company with a $75-million investment in 2020.
Last year, SoundCloud laid off eight percent of its staff, following the dismissal of up to 20 percent of its global workforce in 2022.
Shareholders Raine Group and Temasek Holdings have reportedly begun the process of interviewing investment banks regarding a "prospective auction of the company," according to the outlet. However, a potential sale won't take place immediately, and is likely to come later in 2024.
In 2017, Raine and Temasek invested a combined $170 million USD into SoundCloud as the 2007-founded platform faced closure, laying off 40 percent of its staff. Since then, Eliah Seton took over as CEO and the streaming service faced accusations of lowered audio quality from users. SiriusXM acquired a minority stake in the company with a $75-million investment in 2020.
Last year, SoundCloud laid off eight percent of its staff, following the dismissal of up to 20 percent of its global workforce in 2022.
