Hold on to your mixtapes, SoundCloud might be up for sale.
According to Sky News, Singaporean firms Raine Group and Temasek Holdings have reportedly begun interviewing investment banks for a potential auction of the company. The service "could fetch in excess of $1 billion," the article notes.
Billboard also has sources claiming a sale is in the cards.
SoundCloud was founded in 2007 and quickly became synonymous with underground and emerging artists alike. Per the company, the platform has 375 million tracks from over 40 million artists.
In case you’re getting déjà vu, this isn’t the first time the company has found itself in jeopardy.
In July 2017, multiple reports suggested that SoundCloud only had enough funding left to survive another seven weeks, despite laying off 40 percent of its staff at the time.
That August, the streamer received a hail Mary in the form of a reported $170 million cash infusion from Raine Group and Temasek. The investment allegedly prevented SoundCloud from completely folding.
However, it seems as though the company’s woes only continued from there.
According to a report from TechCrunch, the struggling streaming platform laid off 20 percent of its employees in August 2022, then slashed another 8 percent of its workforce last in May. At the time, SoundCloud CEO Eliah Seton said that the reductions were an effort to help get the company into profitability.
An insider tells Sky News that the sale of SoundCloud could take a few more months.
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