According to a report from Sky News, SoundCloud is apparently up for sale at a price of $1 billion. Mark Kleinman from Sky News has discovered that the streaming service has started discussions with investment banks regarding the auctioning of the platform, with the sale expected to exceed $1 billion. It is also mentioned that SoundCloud is currently in talks with potential bidders, including US merchant bank Raine Group and Singaporean state investment fund Temasek Holdings.
In 2017, SoundCloud received a lifeline when Raine Group and Temasek Holding injected $170 million into the company, preventing it from collapsing. Back then, the streaming platform was estimated to be worth approximately $300 million.
However, in 2022, SoundCloud had to make some tough decisions and let go of 20% of its workforce. And in May of the following year, they had to further reduce their global staff by 8%, impacting around 40 employees.
According to a source who spoke to Sky News, it seems that the selling process of SoundCloud won’t start for a few months. 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.
