As you all know, SoundCloud hit some bumps in the road over the past weeks, after it had to close down two of its offices and lay off about 40% of its staff. While everyone thought that this was the end for the streaming platform, it looks like it has been saved at the last minute. Music Business Worldwide has recently reported that SoundCloud has received investments from merchant bank The Raine Group and Singapore state investment company Temasek Holdings. The two companies will acquire stakes in the business and it is said that the combined stakes will amount to more than 50% of Soundclouds equity. The total investments will be about $300 million.
However, it looks like the deal is not completed yet, so it remains to be seen what will happen in the future. For now, we’re glad to hear that SoundCloud is still afloat.Follow us on socials