2021 was already a massive 12 months for SoundCloud. It could also be about to get a lot larger.
Industry sources are telling MBW that Eliah Seton, the extensively revered Warner Music Group veteran, is about to join the streaming music service in a senior function.
If true, Seton’s hiring can be one other main coup for brand spanking new SoundCloud CEO, Michael Weissman, following the launch of the service’s “fan-powered” royalty mannequin earlier this month, and the appointment of Troy Carter to SoundCloud’s board in February.
Seton’s departure from WMG was confirmed by the most important music firm earlier at this time (April 7). In a press launch, Seton famous that he can be “sharing my next chapter with everyone very soon”.
New York-based Seton spent over a decade at Warner Music Group, main the corporate’s world impartial companies division, ADA Worldwide, for the previous six years.
As such, Seton has enviable relationships with the worldwide impartial group – each labels and artists – which might clearly be thought of a power by indie-targeted SoundCloud.
Having acquired artist companies firm Repost Network in 2019, at this time SoundCloud has a direct monetized (distribution and/or companies) relationship with round 100,000 indie artists worldwide.
The potential rent of Seton raises the query of how bold this a part of SoundCloud’s enterprise may turn into, and even whether or not the corporate may make a play for extra direct relationships with impartial labels in future.
Meanwhile, Seton has spectacular M&A expertise, having performed a key function in WMG’s strategic acquisitions around the globe in areas equivalent to China and Eastern Europe.
SoundCloud definitely has capital to make investments in M&A, following a $75m funding from SiriusXM final 12 months.
From 2019 till this month, Eliah Seton held the place of President of Independent Music & Creator Services for Warner Music Group worldwide, encompassing ADA.
In 2017, he oversaw the re-launch of WMG’s iconic Asylum Records as a new label specializing in streaming and providing uniquely versatile recording offers to new and rising artists.
As of November 2020, some 12 million creators (together with musicians, DJs, podcasters and many others.) had been being heard on SoundCloud each month.Music Business Worldwide