SoundCloud has just perhaps been dealt the worst blow in its ongoing saga of troubles with the news that it lost a total of $44 million in 2014.
As Music Business Worldwide reports, a financial report for 2014 on the company was recently published revealing that while the company made $15 million that year, it lost $44 million. The report goes on to say that the company has “adequate resources to continue in operational existence for the foreseeable future”, but points out that it is heavily reliant on “further capital investment”.
As FACT points out, the company raised $77 million in investment last year, but the future looks otherwise uncertain for the company unless they can successfully roll out their planned subscription service. This is the latest in a long line of troubles for SoundCloud which has seen those who use the service have their uploads deleted in a mire of copyright issues.
