How SoundCloud is proving a great digital turnaround story
The Music Network reports:
SoundCloud’s turnaround is proving to be one of the great digital comebacks in music-tech history.
Two and a half years ago the Berlin-based streaming service was running out of money, which led to its closing its Australian office although it maintains a presence here.
A cash injection of A$246.8 million from merchant bank The Raine Group and Singapore-based investment company Temasek, along with Vimeo executive Kerry Trainor replacing founder Alex Ljung as CEO, heralded a new future.
The recovery had lift-off almost immediately with latest reports indicating a record performance of generating a gross $291.4 million in Q4 2019.