SoundCloud experiences the primary worthwhile quarter of 2020
SoundCloud is on the rise – the platform just experienced its first profitable quarter in the third quarter of 2020, posting a 37% year-over-year increase in 2019.
These are huge gains for SoundCloud and its steady growth over the past few years looks promising – due to its unique business model, which is divided into Listener Business and Creator Business
SoundCloud generated revenue of $ 165.7 million in 2019, an increase of 37 percent over the previous year. In 2018, the platform’s revenue growth was 19 percent compared to the previous year.
SoundCloud CEO Kerry Trainor reveals to Music Business Worldwide:
Looking towards the end of 2020, we have reached our third consecutive year of accelerated revenue growth and our first profitable quarter with significant cash reserves to continue investing in SoundCloud.
While the coronavirus pandemic continues to hit the music industry hard, SoundCloud is weather the storm with tons of music. Spotify, Apple Music, and YouTube Music have collected around 70 million tracks on each platform, but SoundCloud reportedly hosts nearly 250 million.
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Source: Music Business Worldwide