There’s no doubt that SoundCloud has had a rough past couple of years. They continued to lose gobs of money and were really starting to irritate its users (it still does). With its former CEO, Alex Ljung, having stepped down and ex-Vimeo CEO, Kerry Trainor, stepping in, the streaming giant is now making money. In fact, they just made $100 million.
SoundCloud was in deep trouble
Previously, SoundCloud was stirring bankruptcy speculations, major executives were leaving the company, and downsizing its staff. The streaming platform had nearly sealed its demise. Additionally, the platform continues to roll out new features. Last November, it rolled out the option to share your private tracks via the mobile application. Pro users on SoundCloud can also schedule their releases as well.
Their $170 million in funding bailed them out, and they’re doing alright… for now. The streaming service continues to compete with tough competitors, like Spotify and Apple Music. But its new business strategy under Trainor’s supervision has proven to be a fruitful one. Trainor states that the new strategy is focused on the content creators themselves, rather than trying to compete directly with services like Spotify.