SoundCloud up for sale with an estimated value of $1 billion
SoundCloud is up for sale.
The platform was founded in 2007 by Alexander Ljung Eric Wahlforss and allows its millions of users to upload, promote, and share audio but the decision has now been made to put it up for sale with an estimated value of $1 billion.
One former employee told Billboard: "The ambition to reach profitability was not just for the obvious reason of being profitable. The bigger need was for this, to sell the company. The stakeholders have major investments; it’s time."
The platform is known for giving amateur singer/songwriters to share their work and some of the most famous faces to have launched themselves on the site include Chance the Rapper and Travis Scott.
In 2016, streaming giant Spotify expressed interest in buying SoundCloud but the plans eventually fell through and in 2020, the platform received a 75 million investment from broadcasting network SiriusXM.
Towards the end of 2023, SoundCloud laid off eight percent of its workforce.
CEO Eliah Seton said at the time: "This is a challenging but essential decision to ensure the health of our business and get SoundCloud to profitability by the end of 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, not to mention the millions of fans who come to SoundCloud for the joy of music.”