According to thefader.com, music streaming platform SoundCloud will allegedly be put up for sale in 2024, with the owners reportedly hoping to sell the platform for $1 billion. The two major SoundCloud shareholders Raine Group and Temasek Holdings have reportedly started the process of interviewing potential investment banks about a prospective auction of the company.

There has not been any word about an immediate potential sale taking place but a source close to SoundCloud has said that a potential deal would most likely take place later tis year. SoundCloud was formed in 2007 and faced closure in 2017 before Raine Group and Temasek invested a joint $170 million into the company. Music streaming platform SiriusXM also acquired a minority of SoundCloud‘s stake with a $75 million backing in 2020.

Last year SoundCloud laid off eight percent of their staff, which is around 40 people being let go from the company. In an email sent to staffers, CEO Eliah Seton called the move “a challenging but essential decision to ensure the health of our business and get SoundCloud to profitability this year.”