In January 2011, it was reported that SoundCloud had raised US$10 million Series B funding from Union Square Ventures and Index Ventures. In May 2010, SoundCloud announced it had one million users. In April 2009, SoundCloud received €2.5 million Series A funding from Doughty Hanson Technology Ventures.
According to Wired magazine, soon after its inception, SoundCloud began to challenge the dominance of Myspace as a platform for musicians to distribute their music. It was originally intended to allow musicians to collaborate by facilitating the sharing and discussion of recordings, but later transformed into a publishing tool for music distribution. SoundCloud was established in Berlin in August 2007 by Swedish sound designer Alexander Ljung and Swedish electronic musician Eric Wahlforss, and the website was launched in October 2008. In Q3 of 2020, SoundCloud posted its first profitable quarter with double-digit revenue gains and substantially reduced operating losses. SoundCloud has received support from many investors and other media platforms such as Twitter. SoundCloud has influenced the music industry through the success of many artists who have used the service to launch or advance their careers, such as XXXTentacion, Billie Eilish, Juice Wrld, Lil Peep, Kehlani, Chance the Rapper, Marshmello, Post Malone, Lorde, Khalid, Kali Uchis, Lil Uzi Vert, Rico Nasty, Lil Tecca, Saweetie, Suicideboys, Alina Baraz, Lewis Capaldi, Towkio, Louis the Child, Lil Yachty, Doja Cat, Megan Thee Stallion, Lotic, Peggy Gou, DaBaby, NLE Choppa, Bad Bunny, Roddy Ricch, Rod Wave, and Chika. SoundCloud was the first streaming service to adopt and implement a user-centric payment model for artists called fan-powered royalties. SoundCloud has evolved from a traditional online streaming platform to an entertainment company with premium offerings, including advanced audience insights, playlist pitching tools, and promotional marketing resources for its users. SoundCloud offers both free and paid memberships on the platform, available for mobile, desktop and Xbox devices. While its competitors report having roughly 70 million tracks in their systems, SoundCloud has over 300 million. Audience-wise, there are over 76 million active monthly users, with over 175 million global users that SoundCloud reaches, as of November 2021. Founded in 2007 by Alexander Ljung and Eric Wahlforss, SoundCloud has grown to be one of the largest music streaming services in the world and is available in 190 countries and territories. SoundCloud is an online audio distribution platform and music sharing website that enables its users to upload, promote, and share audio, as well as a digital signal processor enabling listeners to stream audio. +76 million users monthly (November 2021) Alexander Ljung ( Chairman and Co-Founder)
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