Just a couple weeks ago, rumors of SoundCloud ceasing its operations caused quite an outpouring of sadness among musicians successful and independent alike, as many of them got their big break from the music sharing site. Even Chance the Rapper announced that he was hatching a plan to save the site.
I’m working on the SoundCloud thing
— Lil Chano From 79th (@chancetherapper) July 13, 2017
SoundCloud CEO Alex Ljung refuted the reports — despite laying off 40 percent of the staff and closing offices in San Francisco and London. But there must have been some truth in those rumors, because Bloomberg reported that SoundCloud is close to selling stakes to Raine Group (a boutique bank with investments in VICE Media Inc) and… Singaporean state investor Temasek Holdings. Yes, the very same one that has Ho Ching — the wife of Prime Minister Lee Hsien Loong — at the helm.
Terms of the deals weren’t immediately available as of writing, but the deals are rumored to be in final negotiations with the two firms.
The Berlin-based service popular among musicians and young music fans has attracted 175 million users as a platform for both prominent artists and bedroom producers to upload and stream their material. Despite its popularity, the site failed to continue generating revenue from those very same users. SoundCloud has since considered selling itself off, and has been attempting to raise money to continue operations.
Let’s hope the news is good as more of the story develops, with a very unlikely savior pushing through to save SoundCloud.
