More good news is coming out of the Soundcloud camp as reports are coming in of a new agreement between the streaming platform and major record label Universal Music Group.
The new deal grants Soundcloud access to host UMG's roster, which includes high profile musicians like U2, Taylor Swift and Kanye West among others. In return, UMG gets a share of the advertising revenue and will have access to Soundcloud's data and analytical tools.
“We’ve got the majority of the music industry partnered with us now,” Alexander Ljung stated in an interview with The New York Times. The only major label that's not on board yet is Sony.
Soundcloud continues to make all the right moves to improve it's business platform after facing lawsuits claiming copyright infringement and requesting payment for artist royalties. A settlement was reached with PRS For Music last month and just earlier this week it reached an agreement to borrow $35 million in debt funding with an option for another $70 million if necessary. Soundcloud is still very much in the game.