Music streaming platform SoundCloud could come up for sale in the coming months of 2024, according to a report from the UK’s Sky News. SoundCloud owners Raine Group and Temasek Holdings are potentially valuing the company at north of $1 billion.
A company insider told Sky News that these stakeholders are currently in the process of selecting investment banks to manage the upcoming auction. Raine and Temasek made their investments in the company in 2017, as it neared financial ruin.
Their efforts to return SoundCloud to profitability saw the hiring of CEO Eliah Seton, as well as a ten percent cut in staff.
SoundCloud, established in 2007, has become a significant platform in the music industry, offering artists a digital space to publish and promote their work, coming into competition with major labels.
