SoundCloud Might Be Sold for $1 Billion or More

Hold on to your mixtapes, SoundCloud might be up for sale.

According to Sky News, Singaporean firms Raine Group and Temasek Holdings have reportedly begun interviewing investment banks for a potential auction of the company. The service “could fetch in excess of $1 billion,” the article notes.

Billboard also has sources claiming a sale is in the cards.

SoundCloud was founded in 2007 and quickly became synonymous with underground and emerging artists alike. Per the company, the platform has 375 million tracks from over 40 million artists. 

In case you’re getting déjà vu, this isn’t the first time the company has found itself in jeopardy.

In July 2017, multiple reports suggested that SoundCloud only had enough funding left to survive another seven weeks, despite laying off 40 percent of its staff at the time.

That August, the streamer received a hail Mary in the form of a reported $170 million cash infusion from Raine Group and Temasek. The investment allegedly prevented SoundCloud from completely folding.