BERLIN (CelebrityAccess) — Music streaming service SoundCloud has finally landed deals with all the major labels after closing on a licensing agreement with Sony Music. The deal removes one of the last barriers for SoundCloud to launch their own subscription-based service later this year.
According to The Verge, the agreement will see Sony Music providing SoundCloud with access to their artists such as Beyoncé, The Weeknd, Future, Bruce Springsteen and the Foo Fighters. The agreement will also provide Sony with an equity stake in SoundCloud.
SoundCloud had previous sealed agreement with Universal, Warner Music and indie label group Merlin. Sony had previously had music on SoundCloud, but pulled their catalog from the service last year, citing concerns over the lack of monetization offerings, according to Billboard.
SoundCloud's next trick will be launching their subscription service without losing the lion's share of the 175 million subscribers who were initially attracted to SoundCloud's free streaming platform and DIY ethic. According to The Verge, the company is said to be considering a $10 a month price point at launch, with some discussion about a mid-tier service with a more modest price as well. – Staff Writers