2017 was a successful year for SoundCloud.
On their road to financial solvency, SoundCloud boss Kerry Trainor claimed last year that the streaming company generated more than $100m in 2017, and it turns out he was good as his word – according to Music Business Worldwide.
Global revenues in the calendar year hit €90.7m ($102m), increasing 80% on the €50.3m it posted in 2016. Brightest sign for the company within its 2017 accounts : a significant improvement in its annual operating loss, which narrowed by 27% to €51.4m ($58m) – compared with €70.5m in 2016.
Among others, these numbers can be explained by the $170m funding round led by Singapore-based Temasek and US-based The Raine Group, in summer 2017, while co-founder Alex Ljung stepped down as CEO to make way for former Vimeo CEO Kerry Trainor. Also, the firm closed offices in London and San Francisco and axed 40% of its global workforce – with approximately 173 jobs going as a result.
After this transformational year, Soundcloud’s horizon seems to be happier :
The year will start with their game-changing partnerships, announced in 2018. Also note that the other co-founder, Eric Wahlforss, stepped down from his own position as chief product officer last week.
Source: Music Business Worldwide