View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
December 10, 2014

SoundCloud set to join billion dollar club with new fundraising

Its valuation is expected to top $1.2bn.

By CBR Staff Writer

Music-sharing startup SoundCloud is reportedly raising $150m in new funding round, which makes its entry into the billion-dollar club, joining Snapchat and Uber.

Following the funding round, the valuation of the company is expected to top $1.2bn.

The latest issue comes ahead of inking licensing deals with the key record labels and to compete with rivals including Spotify, which raised $250m in 2013, and Beats Music, now owned by Apple.

Further, the music streaming service reportedly attracts over 175 million unique listeners every month, while 12 hours worth of audio are being uploaded by content developers per minute, reports the Wall Street Journal.

The platform is also used by major record labels including Vivendi’s Universal Music Group, Sony’s Sony Music Entertainment to promote their records and explore new talent.

Last month, Warner Music Group became the first major label to join SoundCloud by signing a deal to licence its music, allowing revenue to be generated via the audio sharing start-up.

In May 2014, Twitter planned to acquire SoundCloud, which is considered to be ‘YouTube’ for audio, while later dropped plans.

Content from our partners
Rethinking cloud: challenging assumptions, learning lessons
DTX Manchester welcomes leading tech talent from across the region and beyond
The hidden complexities of deploying AI in your business

The online audio service enables users to upload, record, promote and share their originally-developed sounds.

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU