SoundCloud signs Sony licensing deal

SoundCloud has rounded out the trifecta. The online audio platform signed a licensing deal with Sony Music Entertainment, bringing the third and final of the major labels on board with its service, according to Music Business Worldwide. Sources said that Sony has also taken an equity stake in the streaming platform and has been invited to participate in its next funding round.

Universal Music Group inked a licensing deal with SoundCloud in January 2016 and with Warner Music Group in November 2014. Now that it has arrangements with all of the major labels, SoundCloud could likely plan to move forward with its long-awaited plans for a paid subscription streaming tier. The company also hired a chief revenue officer earlier this month, former HBO and NBCUniversal leader Alison Moore, which also points to its move to a paid offering.