A platform that launched the careers of artists in a variety of genres, SoundCloud, has had its fair share of unstableness over the past couple of years. With a large proportion of its employees and serious financial instability, the company needed a serious overhaul. After 2017, however, the company increased its revenues by more than 80 percent to around $102 million and looks forward to it.
Reviewed by Music Business Worldwide, SoundCloud turned its financial situation around in 2017 by increasing its revenue from subscriptions (up 89 percent) and advertising (up 53 percent), while reducing its annual operating loss to $27 million. With a complete reorganization from its newly appointed CEO, former Vimeo executive Kerry Trainor, the platform appears to make good use of its 170 million dollars financing round while renegotiating contracts, debt relief, and cutting costs.
This is only great news for fans of the site as mentioned above, SoundCloud has been the hub to kickstart the careers of thousands.
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