Music streaming platform, SoundCloud is reportedly gearing up to sell in 2024.
On Sunday, Sky News reported that SoundCloud was planning to pursue a sale in 2024. This has been in the works “for some time,” one former employee tells Billboard. “A lot of decision-making has been based on this.”
According to two former employees who spoke to Billboard on the condition of anonymity, SoundCloud has been eyeing a sale that would “increase the valuation of the company” since at least the second half of 2022. Meanwhile, COO and CFO Drew Wilson is preparing to leave the company after nearly three years in the role, according to a staff memo obtained by Billboard.
SoundCloud revealed it was cutting 8% of its crew last May — less than a year after a 20% cut — to perform “profitability this year,” as CEO Eliah Seton wrote in an email to staff at the time.
“The ambition to reach profitability was not just for the obvious reason of being profitable,” the former employee continues. “The bigger need was for this, to sell the company. The stakeholders have major investments; it’s time.”
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It’s unclear whether CEO Eliah Seton, who was just appointed in May 2023, would remain as CEO.
