Electronic Music Dominates SoundCloud with 22% of Total Streams and High Engagement Rates
Although SoundCloud originally gained popularity as a platform for dance music, it became synonymous with hip-hop during the SoundCloud rap phenomenon from 2014 to 2019. Nevertheless, company representatives assert that electronic music stands as the most-streamed and engaging genre on the platform today.
During a presentation at the 2024 Amsterdam Dance Event (ADE), SoundCloud disclosed that nearly 22% of all streams in 2024 are projected to be electronic music uploads, marking a 6% increase from 2022 figures.
The volume of electronic music uploads is also anticipated to grow by 21% in 2024. Fans of electronic music show significantly higher engagement levels compared to other musical styles. According to the report, these fans are 52% more likely to comment, 104% more likely to share, and 85% more likely to repost the tracks they stream.
Given the diversity within electronic music, which subgenres are performing best? The report indicates that house music leads in play count, user engagement, and listening duration. Hardcore ranks second for both streams and listening time, while trance places second in user count and third in total streams.
Founded in 2007, SoundCloud gained traction during the EDM boom by providing artists a platform for music releases and DJ mixes. However, the company’s journey to profitability has faced challenges. In 2017, it laid off 40% of its workforce, and co-founder Alex Ljung departed as part of a deal with investment firms The Raine Group and Temasek Holdings, which acquired the struggling company.
The company subsequently laid off another 20% of its staff in 2022 and an additional 8% in 2023. SoundCloud projected that 2023 would be its first profitable year, and in June, it was reportedly engaged in discussions for a $1 billion sale.
