SoundCloud is considering a sale that would value the German music streaming company at $1 billion, according to Bloomberg. The founders and investors of the company are currently weighing their options and haven't found a buyer willing to value the company at $1 billion so far.
Anonymous sources close to the matter told Bloomberg that a sale was one option being seriously considered as the company looks for strategies to boost growth and profits from its approximately 175 million users.
In March, the company launched SoundCloud Go, a premium subscription service that allows for ad-free streaming and increased access to songs released by major labels. SoundCloud raised $70 million from Twitter Inc. in June as part of an $100 million funding round. The company was subsequently valued at $700 million, according to sources within the company.
A representative for SoundCloud Ltd. declined to comment to The FADER.