Berlin-based online streaming service SoundCloud has recovered from a rocky 2017, the company had to lay off a large number of staff prompting speculation that it was about to go under, to bring in $102 million in 2018.
The information was revealed in a filing at the UK Companies House. Increasing its revenue by 80% since 2016, this change in fortunes — headed up by CEO Kerry Trainor, a former Vimeo executive brought in to reorganise the ailing giant — was achieved by bringing in more money from subscriptions (up 89 percent), and advertising (up 53 percent), while lowering annual operating loss to $27 million.
A SoundCloud spokesperson said the company had focused on two main areas:
“First, to continue growing our core creator business by building and marketing the best software tools for creators to upload, share, and promote their content, helping them to grow their careers.
“Second, to build a differentiated listening and consumption experience for SoundCloud’s young, trendsetting, global music fans who want to be on the pulse of what’s new and next in music.”
Read about how SoundCloud co-founder Eric Wahlforss will stand down from his current role as chief product officer at the company in March.
Beatport CEO Robb McDaniels spoke to us about the inevitable future of streaming in the DJ booth.
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