SoundCloud inks a deal with Universal Music and nears launch of subscription service

SoundCloud has spent several months under the watchful eye of its users - both fans and artists alike - after making slow, but steady moves to monetize its service.

Rumors first materialized in the summer of 2015 about SoundCloud's plan to establish a subscription service which was largely dependent on the platform's ability to close deals with major music labels.

Now, SoundCloud is rapidly making moves to ensure the launch of their subscription service and most recently has inked a deal with Universal Music Group. The details of the agreement will allow UMG to monitor streams of the company's catalogue and allow the major label to monetize along with the platform. The finalization of the deal now means Sony Music remains the last major to come to an agreement with SoundCloud, but allows the platform to inch closer to making the subscription model a reality.

Chief Content Officer for SoundCloud Stephen Bryan told Billboard that the subscription service is slated to arrive by the second quarter of the year.

[Via: Billboard]

Valerie Lee is Mixmag's West Coast Editor. Follow her on Twitter