SoundCloud hires new finance officer in lead up to sale
Image credit: Rachit Tank
Since reports suggested that SoundCloud may be selling for over $1 billion, a new Chief Financial Officer joins the music platform.
SoundCloud miraculously became profitable in 2023. A transformative year was led by Chief Executive Officer Eliah Seton, who joined last year after the platform had struggled to make a profit after 16 years in operation.
Following the announcement of profit, reports this week suggested that SoundCloud’s major shareholders Raine and Temasek are looking to sell. The reports suggest that they may be looking for in excess of $1 billion.
Since that news earlier in the week, SoundCloud have announced a new hire. Tom Sansone joins SoundCloud as Chief Financial Officer and Chief Operating Officer. He brings more than 20 years of financial experience to the table.
It’s unlikely to be a coincidence of timing. He was a key architect in the sale of Kobalt Music Group’s business, where he most recently served as Chief Financial Officer. He also helped to lead Gilt Groupe through “a period of extraordinary growth” when he served there as COO and CFO.
CEO, Eliah Seton said: “On behalf of the Board of Directors and management of SoundCloud, I want to welcome Tom to the team. Tom is a proven global executive with a highly differentiated and relevant skill set that includes accelerating business transformation, establishing operational and financial discipline and executing strategic alternatives.
“Now that we are a profitable growth company and in control of our own destiny, Tom will be a key partner in helping us realize SoundCloud’s unique opportunity and industry-changing vision.”
On joining the company, Tom Sansone said: “I am passionate about helping businesses realize their potential and am incredibly excited about the opportunities for SoundCloud. The evolution of the business has been exciting to see and the company remains one of the most trusted brands for creators and super fans of music discovery.
“I’m looking forward to working with an incredible leadership team and Board to execute on the strategy to empower artists and fans to share and connect through music and to build on our strong financial footing,” said Sansone.”