The owners of SoundCloud are reportedly weighing their options as far as growth and profits are concerned. According to Bloomberg, the German-based streaming service and home to all of your rapper friends’ mixtapes may be sold off for $1 billion USD. An anonymous source is quoted as saying that the ownership has been considering a sale for “quite some time,” but that they had run into trouble finding bidders willing to value the site at the $1 billion USD price tag.
SoundCloud raised $70 million from Twitter in June as part of a $100 million round of funding, putting the value of the company at around $700 million. The move to sell comes amid efforts to generate steady revenue from the site’s some 175 million users, many of whom were alienated when the site introduced SoundCloud Go, its $10/month premium service.
Stay tuned for more on this story as it develops and make sure to head over to HYPETRAK for the latest from the world of music.
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