SoundCloud seeking buyer for $1 Billion
SoundCloud is once again making headlines in the business world. The streaming platform has never been far from controversy and difficulties.
However, since its negotiations with the major labels seemingly concluded, it has enjoyed the launching of its premium, paid service. In turn, giving it time to consider its business approach and tactics.
Out of this relative calm has come rumor’s of its sale. According to sources such as Bloomberg and those close to the core of the German streaming platform, it is seeking a buyer. But in true SoundCloud style, they’ve come across difficulties finding a buyer.
Hoping to manufacture a sale, its action of selling equity to major labels definitely tested the site seemed to help stabilize its long running financial woes. Putting a rumored $1 Billion asking price on its service, the change of direction from its leaders comes in the aftermath of a major round of investment. Receiving $100 million only last month, of which $70 million came from Twitter, SoundCloud’s valuation was estimated to be around $700 million in June.
We Rave You will keep you posted as the story develops. Especially as this could be a major turning point for one the most important tools for the EDM industry.