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SoundCloud Raises $50 Million In Funding
Another online music recording and sharing platform is one the move (upwards). This time its popular platform SoundCloud, who in a release confirms that it has just completed a fresh round of funding led by VC giants Kleiner Perkins Caufield & Byers with participation from GGV Capital.
The actual funding amount hasn’t been officially released by SoundCloud, but well placed tech insiders have indicated that an amount of $50 million was raised. According to those insiders, this fresh round of funding will help SoundCloud expand its platform, as well as scale its reach in both mobile and international markets.
So far SoundCloud has proved a hit with most start-up bands that need to publish and distribute music without the need for spending countless hours manipulating sometimes pesky files and file types. With SoundCloud, publishing is easy, and with the recent partnership with popular creative online and mobile App, Aviary, the tools available to users are getting better as time goes by.
SoundCloud faces challenges too, especially from competing sites like Pandora which offers musicians outlets for their music and other distribution benefits. Many are speculating that SoundCloud will need to use social media to build a solid base of listeners—this many believe, will help it to grow.