SoundCloud, the music streaming service, is gearing up for a potential sale that could surpass US$1 billion, reports revealed.
Owners Raine Group and Temasek Holdings, the Singaporean state investment fund, have initiated talks with investment banks for a potential auction of the platform.
SoundCloud, founded in 2007, serves as an online platform for artists to publish their work, with over 40 million artists releasing 320 million tracks to date.
The platform's recent success, marked by a significant turnaround under boss Eliah Seton, contrasts with its near collapse in 2017 when Raine and Temasek stepped in.
A potential sale comes just after the company targeted annual profitability, having undergone a 10% reduction in its workforce last year to support the push.
The sales process is expected to take several months, the reports added.
Market leader Spotify listed back in 2018 and is valued by the market at around US$37 billion.