Have the tides finally turned for Soundcloud? Its revenues have boosted 43% in just one year, according to financial data analysis by Digital Music News.
According to preliminary details shared with DMN recently by PrivCo, Soundcloud was able to accumulate revenues of roughly $27,919,665. The New York-based company tracks private company financials, venture capital transactions and M&A.
This massive growth comes as something of a shock, as it was not long ago that many in the music streaming industry thought that the site would be doomed. In 2014, SoundCloud lost $43.9m, which occurred at the time against a lower revenue base of $19.48 million.
This financial data is extremely important in terms of timing, as the Financial Times recently reported that Spotify is considering purchasing the company, and the world of music streaming services is becoming more competitive as it grows. Bloomberg even reported this past July that the company was considering a $1 billion offer.
The Berlin-based streaming service plays a massive role in the discovery of unknown artists and serves as a platform that many artists have used to jumpstart their career. It is currently valued at $700 million and has received funding of about $204.5 million.