It’s been reported that music streaming service, SoundCloud, will be partially selling its stakes to Singapore’s Temasek Holdings – yes, you read that right
So if you’re a music fan – whether you’re a casual listener or hustling musician – you’re probably already dreading the looming demise of SoundCloud, one of the world’s most prolific music streaming services. Despite attracting more than 175 million users worldwide for almost a decade, the Berlin-based free service hasn’t been able to keep itself financially afloat. In fact, just last month, rumours about its inevitable closure were rife. Its loss would’ve dealt a severe blow to the music industry, as it gave fledgling musicians a chance to showcase their sounds to the rest of the world. But somehow, SoundCloud, founded by a Swedish sound designer, has found a surprising ally in Singapore.
Not just any local company, Temasek Holdings is the state-owned company that’s commonly known as the nation’s wealth fund. So who would’ve thought that it’d be instrumental in the revival of the music service, halfway across the globe? According to an article from Bloomberg, SoundCloud will be selling stakes to the Raine Group (a bank which invests in Vice Media Inc.) and Singapore’s own Temasek Holdings; all parties are still in private negotiations, and such a deal would help keep SoundCloud running, at least for the foreseeable future.
While I can’t help but feel a tingle of pride with the powers that be – if this is deemed true, that is – it’s certainly a bizarre and unprecedented acquisition that’s gotten the international music industry to sit up and take notice. But just a suggestion: can we #supportlocal a bit more first, though?
Rather experience music up-close than stream it? Check out these places for live music in Singapore, and start prepping for these best concerts in August.