SoundCloud reportedly going on sale for over $1 billion

today08/01/2024 3

share close

SoundCloud is reportedly going on sale for $1 billion, according to Sky News.

Sky News’ Mark Kleinman has learnt that the streaming service has begun interviewing the investment banks on the subject of auctioning the platform with the sale said to be over $1 billion.

The streaming platform is reportedly in talks with US merchant bank Raine Group and Singaporean state investment fund Temasek Holdings as prospective bidders.

Read this next: SoundCloud has bought AI tech startup Musiio

In 2017, SoundCloud was saved from going under after Raine Group and Temasek Holding invested $170 million into the company. At the time, the streaming company was valued at around $300 million.

Since then, SoundCloud laid off 20% of its workforce in 2022 and then 8% of its global staff in May last year — affecting around 40 employees.

Read this next: Spotify will end service in Uruguay due to bill requiring fair pay for artists

The selling process of SoundCloud is reportedly not set to get underway for some months, according to an insider who spoke to Sky News.

At the time, SoundCloud CEO Eliah Seton said: “This is a challenging but essential decision to ensure the health of our business and get SoundCloud to profitability this year.

“In doing so, we are securing the company’s future for the millions of artists who rely on us for their living and their self-expression, and the millions of fans who come to SoundCloud for the joy of music.”

SoundCloud has declined to comment.

[Via: Sky News]

Becky Buckle is Mixmag’s Multimedia Editor, follow her on Twitter

Written by: Tim Hopkins

Rate it