Words by Sarah Tonkin
This year has seen streaming giant SoundCloud go through a number of mishaps but as 2016 has gone by, the site has miraculously managed to bounce back from the countless mistakes and continued becoming one of the world's biggest streaming platform for musicians.
According to financial data provided by PrivCo, Digital Music News has discovered SoundCloud’s huge rebound this year with a gross revenue of $28 million. This saw a 43% increase from last year’s data including a severe contrast to the company’s $43.9 million loss in 2014.
Earlier this year, SoundCloud’s financial auditor issued a statement regarding the company’s future.
“The directors have concluded that the combination of the circumstances… represents a material uncertainty which may cast significant doubt upon the Company’s and Group’s ability to continue as a going concern… Therefore the Company and Group may be unable to realize its assets and discharge its liabilities in the normal course of business.”
News of their revenue increase follows talks last week that Spotify was looking to purchase the competing streaming service. Interesting?
All we can tell is that it looks like things are turning around for SoundCloud despite the numerous hiccups of late. With the added news that they signed a deal with Universal Music Group and Sony Music Entertainment, for the time being, it seems like a necessary step forward in the streaming industry.