Before music streaming services became so popular, there existed SoundCloud that was launched in 2007, which some felt could have been a slightly more modern take on MySpace after the social networking platform became a place for bands and artists to post their music online for their fans to stream.
Fast forward to today and while SoundCloud might have a dedicated user base, it’s hard to compete in today’s streaming market which is why according to a report from Recode, SoundCloud might end up selling themselves for considerably less than what they had previously valued themselves at.
Several years ago, SoundCloud was said to have been valued at $700 million, but the report from Recode is claiming that the company has been struggling to raise more than $100 million in funding, which could see the company end up selling themselves for as low as $250 million. This is apparently the bare minimum that SoundCloud is willing to consider.
The report goes on to state that apparently SoundCloud had talked to Spotify about the latter buying them out, but it seems that a deal could not be reached. Take it with a grain of salt, but SoundCloud has been making efforts to try and better compete in the streaming landscape today by launching its own streaming services that are priced at $5 a month.
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