After last month the world has been looking at the serious economic situation that Soundcloud is going through, it was said that the streaming platform only had enough cash flow to stay active for another 50 days.
With that, the attention of all electronic music lovers was turned to it. Would it really be the end of Soundcloud, the platform that changed the lives of dozens of artists? The answer is ‘no’. It will not be this time that Soundcloud will end.
According to Music Business Worldwide, a couple of investors purchased a controlling stake for about $150 million.
Together, The Raine Group and Temasek Holdings have acquired a stake around 50%, thus gaining control of the service.
This makes Soundcloud worth $300 million, which results in a devaluation against the previous years of 2014 and 2016 where the platform had been valued at around $1 billion and $700 million, respectively.
For now, these two investors will enable Soundcloud to continue its services, great news for all users and especially for artists seeking recognition.