Soundcloud announce losses of £18m last year

Music steaming service Soundcloud have announced annual losses of more than £18million from last year, due to a rapidly expanding new business model from the company.

While it still produced a turnover of £8.8m in the last year, the cause for the massive loss comes down to a number of factors, which Soundcloud explained in the following statement:

"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. Our overhead base has increased faster than our revenues.”

While the German-based company still seems optimistic about its future, major labels Warner, Sony and Universal have held back on a deal with the site after they were unhappy with the terms proposed by SoundCloud to license their music.

More News

Metallica deliver new single '72 Seasons'

With their highly-anticipated new album now just a few weeks away, Metallica have dropped the next cut to be lifted from their forthcoming full-... 1 day 15 hours ago

Maisie Peters unveils new single 'Lost The Breakup'

With her highly-anticipated new album dropping later this year, Maisie Peters has now dropped the next cut to be lifted from her forthcoming full-... 1 day 21 hours ago

Be Your Own Pet return with new single 'Hand Grenade'

Having been completely silent since the release of their 2008 studio album 'Get Awkward', Be Your Own Pet have now made their long-awaited return... 1 day 23 hours ago

Stella Rose announces debut album 'Eye Of Glass'

After introducing herself with her vibrant initial offerings 'Muddled Man' and 'Angel' in recent months, Stella Rose has now announced her plans for... 2 days 15 hours ago

Georgia announces new album 'Euphoric'

Following on from the release of her highly-praised 2020 sophomore LP 'Seeking Thrills', Georgia has now announced her plans for a new studio album,... 2 days 21 hours ago

Sad Boys Club share new single 'Lumoflove'

With their eagerly-awaited debut album landing in the coming months, Sad Boys Club have now dropped the next cut to be lifted from their forthcoming... 2 days 23 hours ago

Rodrigo y Gabriela unveil new single 'The Eye That Catches The Dream'

With their highly-anticipated new album landing later next month, Rodrigo y Gabriela have now delivered the next cut to be lifted from their... 3 days 15 hours ago

Dizzy announce self-titled new album

Following on from the release of their highly-praised 2020 sophomore LP 'The Sun And Her Scorch', Dizzy have now announced their plans for a new... 3 days 21 hours ago

The Smashing Pumpkins unveil new single 'Spellbinding'

With the final act of their highly-anticipated triple LP arriving in the coming months, The Smashing Pumpkins have now dropped the latest cut to be... 3 days 23 hours ago