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SoundCloud and Sony Music have signed a licensing deal, according to “watertight sources”.
This means it’s now legal to stream tracks by Sony artists including The Weeknd, Beyonce, Michael Jackson and Justin Timberlake without fear of the profile getting deleted.
Sony Music will receive shares in SoundCloud following in the footsteps of Universal Music Group and Warner Music Group, reports Billboard.
Now SoundCloud, which has faced losses and profile deletions in the past few years, has secured the “big three” music groups it could open its own paid-for subscription service.
According to its financial records, SoundCloud lost 39.14 million euros (£30.52 million) in revenue in 2014.
This deal could mean the tide is turning for SoundCloud.
