It’s been on shaky ground recently, but it seems SoundCloud may have just copped the clutch save in the final hour.
According to Music Business Worldwide, a pair of investors have bought into the streaming service for a total of $150,000,000USD.
A reliable source told MBW that the investors are The Raine Group and Singapore state investment company Temasek Holdings, who now jointly own upwards of 50% of SoundCloud’s equity.
The news comes just a week after SoundCloud’s Sydney office closed it’s doors, joining the likes of it’s UK and San Fran offices that were closed last month after SoundCloud stripped down nearly 40% of it’s total staff.
Despite reports it only has a matter of weeks to survive, SC’s co-founder Alex Ljung said the rumours were “just noise”. With that said, a 300-million dollar investment certainly looks like they needed some help.
After 18 rough months for the German streaming service, here’s hoping this investment brings SoundCloud back to what it used to be. For now though, artists can relax. Your music isn’t going anywhere just yet.