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SoundCloud is in "dire financial straits" according to newly released figures detailing the company's finances.
Last month, the music streaming site reached a licensing deal with Universal Music Group, which many hoped would be a turning point for the struggling company. The deal allowed SoundCloud to host UMG's roster of artists, which includes the likes of Taylor Swift and Kanye West.
Now though, Music Business Worldwide has revealed the company's recently published financial report for 2014 - which showed that its overheads are increasing much faster than its revenue.
In 2014, Soundcloud brought in $17.34 million, and lost $44.19 million. Its employee wages during that period also increased by 42.5%.
In a statement to Fact, the company said that the figures "reflect those of a company in a strong growth stage," which still has "over 18 million creators using the platform, sharing well over 110 million tracks, and reaching 175 million monthly active listeners."
Six months ago, SoundCloud co-founder Eric Wahlforss confirmed that the service will introduce a subscription element, but he didn't give any details as to what that would entail.
