SoundCloud, the Berlin-based music streaming platform, made good on its promise to bring in more than $100 million for the 2017 calendar year, according a filing with UK Companies House this week.
According to the filing, SoundCloud’s global revenues hit $102M in 2017. That’s an increase of 80% over the previous year. The figure also accounts for subscription revenues, which nearly doubled, up 89% to $82M from $43.9M in 2016. Advertising revenues grew 53% in 2017, up to $20M, while SoundCloud also saw a significant improvement in its annual operating loss, which narrowed by 27% to $58M compared to $80.6M in 2016.
News of SoundCloud’s recent financial success follows a difficult period for the company. Back in the summer of 2017, the popular streaming service was forced to close two of its international offices (London and San Francisco) and ax 40% of its global workforce, which left many speculating as to whether the company could stay afloat. After accepting $170M in a funding round led by Singapore-based Temasek and US-based The Raine Group, and bringing in ex-Vimeo exec Kerry Trainor to shake things up as the company’s new CEO, it appears SoundCloud has officially turned things around.
SoundCloud recently announced two major partnerships, one with Pandora for the US market and another with Global Radio / DAX in the UK.