SoundCloud is on the rise — the platform just experienced its first-ever profitable quarter in Q3 2020 and reported a 37% increase year-over-year in 2019.
These are huge wins for SoundCloud and its steady rise in recent years is promising — attributed to its unique business model, which breaks down into Listener Business and Creator Business.
SoundCloud’s posted $165.7 million in revenue for 2019 brings it up 37 percent year-over-year. In 2018, the platform’s year-over-year revenue increase amounted to 19 percent.
SoundCloud CEO Kerry Trainor reveals to Music Business Worldwide:
With the end of 2020 now in view, we will have achieved our third consecutive year of accelerating revenue growth and our first profitable quarter, with substantial cash reserves to continue investing in SoundCloud.
While the coronavirus pandemic continues to hit the music industry hard, SoundCloud is weathering the storm with tons of music. Spotify, Apple Music, and YouTube Music have tallied around 70 million tracks on each platform, but SoundCloud reportedly hosts close to over 250 million.
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Source: Music Business Worldwide