SoundCloud had its start as a platform for musicians to upload their own music or find new artists, but it has since transformed into more of a Spotify. Despite the downgrade in user experience, SoundCloud is still one of the best tools on the market for up and coming musicians.
Landscape Changes in 2022
There are a few major issues that have been holding back SoundCloud from being more successful. If they want to stay relevant, they need to find a way to either lower their costs or increase revenue in order to support the features that their users are used to having access to. The main issues surrounding their costs are that they have a high cost of revenue and also do not charge users to access the platform, which makes them unable to make enough money for it to be sustainable. They need to find a way to make enough money from ads or other sources in order to keep up with competitors like Apple Music and Spotify, who are already making money hand-over-fist.
Make the most out of SoundCloud ‘s features
If SoundCloud does not want to go down the route of having to increase revenue, they also need to find a way to make their platform less costly. The only way they can do this is by either decreasing or limiting the number of users who are able to upload at one time. They have already started putting in place steps like this, but they need to go further than that. What is perhaps their most significant step, though, would be introducing a subscription fee. By charging users $5 per month for accessing the platform instead of allowing it to remain free, SoundCloud followers could make their platform more sustainable and raise revenue at the same time.
What major moves will they need to make to stay competitive in the future, and how likely it is they will actually execute on the changes? What is their biggest threat right now, and what can they do about it? SoundCloud is more than a streaming service , but they need to be careful not to lose their focus on the music. What will it take for them to stay relevant in 2022? It is hard to say, but one thing is certain; if they don’t make some changes soon, they may not have enough time to fix course before it’s too late.