How SoundCloud is proving a great digital turnaround story

by Jeff Ponchick in Announcements January 24, 2020

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.

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