3 years ago
caricakes
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SoundCloud Posts $29 Million Loss in 2013
Soundcloud has an impressive 175 million users a month, but reported losses twice of what it had earned. The company earned around $14 million in 2013, but reported total losses of $29 million. So what does that mean for SoundCloud? Soundcloud explains that these 'losses' are similar to investments. They are working on growing anew feature of Soundcloud that requires new technology, employees, and other things that cost big bucks. Because the feature hasn't debuted yet, the money their spending hasn't been made up with new revenue. The team is hopeful that once the new system is in place, the losses and gains will even out. Meanwhile, Soundcloud is in discussion with major labels to get on better terms in regards to streaming music. If the details get hashed out correctly, things will definitely start to look up for Souncloud. So, rest assured Soundcloud users! It looks like this is just a (big) bump in the road for this service until they are back with a better and shinier product!
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I hope everything works out for them, they're a great service!
3 years ago·Reply