SoundCloud has recently launched its paid music streaming subscription ‘GO’ in the UK and Ireland. Without wasting any time, the startup is signing licensing deals with all the big music holders and is rolling out subscription services and advertising to a wider number of markets. It will help SoundCloud to better monetize its 175 million users and effectively compete against the likes of Deezer, Spotify, Apple Music and more.
Launched in 2008 by Alexander Ljung and Eric Wahlforss, SoundCloud, the world’s largest music and audio platform lets people discover and enjoy the largest selection of music from the world’s most diverse creator community.
The music-streaming company, which is also referred to as the YouTube of audio for its wide array of user-generated content had first launched the SoundCloud Go premium subscription service in the US, a month ago. Seeing the noteworthy response from people, the company has expanded the GO premium to UK and Ireland. The U.S. version of GO allows users to have ad-free access, plus a Spotify-style selection of millions of premium tracks alongside the wider SoundCloud catalog of music and podcasts — some 125 million tracks in all for a fee of £9.99 or €9.99 per month after a 30-day free trial.
Though the company has not revealed much about the response GO received so far but Eric Wahlforss, SoundCloud’s co-founder and CTO said “The overall feedback is extremely positive, and we’re hugely excitedâ€. Of course, there are a lot of people likely to sign up for the free trial, it will be a waiting game to see how many stay. Also, Eric Wahlforss said to pick up more audience and for ways of leveraging SoundCloud’s social media credentials.
Wahlforss also brought up Snapchat as “a super interesting company†for being “very real time and authentic, how we want and like SoundCloud to feel as well,†and for being compatible in another way, too: “There are very few companies that have over 100 million uniques with a lot of them millennials.â€
So, the people who opt to listen to SoundCloud for free, get ready for ads of many formats! SoundCloud said these will include audio spots; in-stream “native†ads; promoted profiles; and creator partnerships. “Brands are choosing either existing tracks from creators or may be able to inspire a track, but it won’t be a direct endorsement,†a spokesperson said.
“The introduction of advertising will ensure listeners can continue to experience SoundCloud for free, as well as offer creators the opportunity to be paid for the work that they share,†the company noted.
Ads and subscriptions are SoundCloud’s latest efforts to generate revenues, after initially starting out with SoundCloud Pro.
SoundCloud, the world’s largest music and audio platform, has recently launched its paid subscription music streaming GO offering in the UK and Ireland. Ads and subscriptions are SoundCloud’s latest efforts to generate revenues. Also, to pick up more audience, SoundCloud is looking for ways of leveraging its social media credentials.