Yes, SoundCloud can be a useful tool for record labels to discover and promote new artists. Some of the benefits of using SoundCloud as a record label include:
Wide reach: SoundCloud has a large and active user base, giving record labels the opportunity to discover and reach a wide range of artists.
Good for scouting talent: Record labels can use SoundCloud to find and evaluate new talent, by searching for artists who fit their label’s aesthetic and listening to their tracks.
Good for promoting releases: Record labels can use SoundCloud to promote new releases from their artists and build buzz around their music.
Good for collaboration: SoundCloud’s features make it easy for record labels to collaborate with artists and other labels, such as by leaving comments and making edits to tracks.
However, it’s important to note that while SoundCloud can be a useful tool for record labels, it may not be the most effective way to monetize music. The platform has struggled financially in the past, and many artists have had difficulty earning a significant amount of money through the platform.