Photo Credit ranking: Rachit Tank
Following rumors of a $1 billion+ doable sale, SoundCloud CFO Drew Wilson is exiting the company. Here’s what we study about this pattern.
Over the weekend a sage surfaced in Sky Data suggesting the song streaming app used to be keeping talks with investment banks just a few doubtless public sale of the company. There had been no clues on who will doubtless be attention-grabbing, but it completely’s price noting that Raine and Temasek are majority owners, while SiriusXM has invested $75 million in the platform.
Outside of itemizing, ‘insider’ sources, Sky has offered no other sources for the projected sale sign. However now, SoundCloud insiders contain instructed Digital Tune Data that CEO Eliah Seton announced the departure of the CFO in an inner memo on January 8. Drew Wilson joined the company in 2021.
SoundCloud has seen a high quantity of govt turnovers in the old few years. In 2022, the company laid off 8% of its crew in an are trying to decrease prices. One supply speaking anonymously to DMN said, “Eliah’s most efficient comment I ever heard used to be him asserting other folks on the board had been spherical longer at the company than anybody in leadership and most of the crew.”
SoundCloud CEO Eliah Seton has been credited with helping the company factual itself, even supposing profitability has been elusive. Even rival Spotify has struggled with profitability after its huge investment in the podcast layout. Following shake-ups, both firms seem to be responding to shifts in the investor landscape—wanting for to shore up threat as investment winds replace.
Whereas SoundCloud has a healthy fanbase and has helped inspire unusual musical actions, together with ‘SoundCloud Rap’—it’s unclear if the platform might per chance doubtless well also safe that rumored $1 billion sign tag. 2024 guarantees to be a titillating year in song as Sky suggests a doubtless sale might per chance doubtless well also no longer happen till just a few months into the year. For what it’s price, SoundCloud itself has been mum on the rumors, regardless of reaching out for comment.
