(NewsNation) — SoundCloud, one of the world’s largest music streaming services, is gearing up for a potential sale that could surpass $1 billion, Sky News reported.

Raine Group and Temasek Holdings, the Singaporean state investment fund, have initiated talks with investment banks to explore the possibility of auctioning off the platform.

This has been in the works “for some time,” one former employee told Billboard. “A lot of decision-making has been based on this.”

SoundCloud, founded in 2007, serves as an online platform for artists to showcase their work and has played a pivotal role in the careers of over 40 million artists who have collectively released 320 million tracks.

The move towards a sale represents a significant turnaround for SoundCloud in recent years, notably under the leadership of CEO Eliah Seton, who assumed the role last year.

In 2017, Raine and Temasek stepped in with their investment when the company was reportedly on the verge of collapse, struggling to adapt its business model to the evolving dynamics of the global music industry, according to Sky News.

While major record labels such as Universal and Warner Music continue to hold significant influence, a growing number of independent entities and startups have found innovative ways to bridge the gap between artists and consumers, successfully monetizing their ventures.

SoundCloud, in its quest for annual profitability, underwent a restructuring last year, resulting in the reduction of nearly 10% of its workforce, according to Sky News.

The potential sale, however, is not expected to kick off for several months, per an insider familiar with the matter.