SoundCloud posts first ever profitable quarter

Original Article

SoundCloud has confirmed to MBW that it achieved its first ever profitable quarter on an EBITDA basis in Q3 this year.

The news comes as fresh company filings reveal that SoundCloud posted €147.6m ($165.7m) in revenues in calendar 2019, up 37% year-over-year.

That represented significantly faster growth than the prior year: in 2018, SoundCloud posted a YoY revenue increase of 19%.

SoundCloud’s 2019 revenue growth accelerated as the year went on: the firm says its quarterly revenues were up 17% YoY in Q1; in Q4, they were up by 43% YoY.

Meanwhile, SoundCloud’s annual operating losses in 2019 narrowed significantly, down 28% to €23.8m ($26.7m) from €32.9m in 2018.

Ready for a head-twisting stat?

While the likes of Spotify, Apple Music and YouTube Music currently have circa 70 million tracks on each of their platforms, SoundCloud tells MBW that it now plays host to over 250 million (!) tracks.

SoundCloud also says that, as of November 2020, 12 million creators (including musicians, DJs, podcasters etc.) are heard on its platform every month, and that over 80,000 artists are now monetizing their work directly via SoundCloud’s own distribution/services arm, Repost (and Repost Select).

Reported By: Jessica Rowe