A new report from Music Business Worldwide details SoundCloud‘s successful 2019. The music streaming platform enjoyed a 37% increase in revenue from 2018 totaling $165.7 million. In addition, the company reported their first profitable quarter since launching 13 years ago.
According to the report, SoundCloud followed an upward trend throughout 2019 with continuous increases from Q1 to Q4. Alongside the revenue gain, they also cut operating losses by 28% from 2018. It notes that the company is broken down into two divisions: their “Creator Business” and “Listener Business.” The former represents the promotional services the company provides to artists while the latter represents listener subscription fees and advertising revenue. As explained in the report, the listener segment represents about 2/3 of the company’s revenue while the creator portion accounts for the remaining 1/3.
SoundCloud CEO Kerry Trainor told the publication that the continuing success has given his company more room for investments. “With the end of 2020 now in view, we will have achieved our third consecutive year of accelerating revenue growth and our first profitable quarter, with substantial cash reserves to continue investing in SoundCloud,” he said.
You can view SoundCloud’s entire 2019 annual report courtesy of Music Business Worldwide.
