Things could be looking up for the popular streaming service. Billboard reported that sources have informed them that the boutique merchant bank has been in talks for weeks to invest in SoundCloud, however, an agreement has yet to be finalized.
It is expected that The Raine Group will help SoundCloud with their overall profitability. The bank has taken a stake in Vice Media, Imagine Entertainment, and Cheddar to name a few of their investments.
SoundCloud is such an important media outlet from podcasts to music. It was recently reported that the company laid off 40% of their workforce, so we can only hope that the reported investment will bring some stability.