A platform that has launched the careers of artists in a variety of genres, Berlin-based streaming service SoundCloud had a rough start to 2017, laying off a large portion of their staff and facing severe financial instability. However, after the 2017 overhaul, the company increased their revenue by more than 80 percent to approximately $102 million, and are only looking forward from here.
Examined by Music Business Worldwide, SoundCloud has turned around their financial situation in 2017 by drawing in more revenue from subscriptions (which are up 89 percent), and advertising (up 53 percent), while lowering its annual operating loss to $27 million. With a complete reorganization coming from their newly appointed CEO, former Vimeo executive Kerry Trainor, the company seems to be making good use of their $170 million funding round while renegotiating contracts, getting rid of debt, and cutting expenses.
While the information is not currently available, SoundCloud claims to have continued their growth throughout 2018, surpassing their initial plan. In a rapidly changing streaming environment, SoundCloud is looking to continue their focus on being a tool for artists while enhancing their listening experience.
H/T: Rolling Stone