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Despite having now amassed over 175 million users per month, Soundcloud recently posted a loss of £18.1m.
According to figures filed at Companies House, one of the world's biggest streaming sites posted turnover of £8.8m in 2013 but had an operating loss of £18.8m.
"We are in a phase of growing SoundCloud into the market-leading platform for listening to, creating and sharing sound,” the company notes, in the filing first reported by TechCrunch. “This has necessitated investment in technology, headcount and marketing. Our overhead base has increased faster than our revenues.”
The company recently announced that it is looking to start advertising on its network, offer premium services and are planning to team up with labels. They've already worked with Red Bull, Jaguar and Comedy Central but talks have apparently stalled with Universal, Sony and Warner Music holding out for better terms.
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