A new report that was shared with Digital Music News shows that money isn’t the only thing that’s keeping the streaming music giant SoundCloud down. The site also has a serious user attrition problem, as well. The data shows that since January of 2016 Soundcloud’s traffic dropped by over 100 million unique hits EACH MONTH – almost 25% of it’s overall traffic numbers.
In early 2016 the site was seeing over 400 million hits each and every month, but that has recently dropped below 300 million. The data was put together by SimilarWeb, a web analytics company.
According to Digital Music News:
Just recently, Spotify passed on a SoundCloud acquisition, at least according to industry rumors. That rejection may have been driven by the metrics above, with Spotify doing fine on its own.
Just recently, the company managed to secure a $170 million rescue bailout, but not without significant compromises from existing investors. That included a serious leadership shakeup, with company founder Alexander Ljung stripped of his CEO stripes. And that was just one of several serious changes.
Now, it’s up to incoming CEO Kerry Trainor to steer the ship away from the rocks — and try to reclaim an audience that’s quickly waving bye-bye.