I think the reason is that music subscription services took off in last 2-3 years massively, and globally. Apple Music expanded to a good number of nations, so

I think the reason is that music subscription services took off in last 2-3 years massively, and globally. Apple Music expanded to a good number of nations, so did Spotify and others. And so it has also become very easy for creators to put their music on those services. There are SaaS apps that put unlimited music on all platforms for artists for as little as $20 a year. You don't need to partner with record label any more to be on iTunes, Apple Music, Pandora, Google Play, Spotify, etc. You need $20 a year. The goliath that SoundCloud was fighting killed itself. As a creator, I know there are 10x more people listening on Apple and Spotify. There is simply very less reason to upload on SoundCloud except for community. And it is the community that they managed to piss off by partnering with the labels.