SoundCloud is growing, and the world knows it. In August, we reported that the online music streaming service would be featuring ads for the first time, as well as adopting a tiered subscription service. SoundCloud US also recently announced the fancy news that they had a fancy new office on 5th Ave in NYC.
Well, it seems like all that “growth” has also led to some serious “loss”. As FACT reports, the company recently posted an £18.1m loss for the year of 2013 on revenues of £8.8m. In universal American dollars, that translates to an intake of $14.1 million (roughly, according to the internet), while suffering a loss of almost $30.2 million. This revenue is up 40% from 2012 (which saw SC raking in a sweet $12.8 million); however, their losses practically doubled too, up from $19.9 million in 2012. (Their negotiations with major labels aren’t making them any happier, either.)
Says thee mighty SoundCloud, “We are in a phase of growing SoundCloud into the market-leading platform for listening to, creating and sharing sound…This has necessitated investment in technology, headcount, and marketing.” Thanks for sharing!!
• SoundCloud: http://www.soundcloud.com
