7 years ago
SoundCloud May Be Forced To Close After Losing Millions Of Dollars
Soundcloud, the massive audio streaming site that has over 40 million unique users may be in a spot of trouble if these findings are anything to go by.
According to FACT Magazine, a report was issued that casts 'significant doubt on the company's ability to continue.'
Although the company only struck a lucrative licensing deal with Universal Music last month, reports have found the company's overheads have increased faster than its revenue recently.
For example, employee wages shot up by a staggering 42.5%, with the average SoundCloud staffer earning almost €80,000.
The report has indicated that the company will need much more investment if it is to continue operations this year.
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