Breaking: SoundCloud Annual Revenues Up 43% to $27.9 Million
After launching Soundcloud Go, Soundcloud is projected to see massive revenue growth after years of financial instability.This article originally appeared on Digital Music News
The following is a developing story, based on SoundCloud financial information that Digital Music News is exclusively aggregating. We’ll (hopefully) have a lot more information on other financial data, including net losses and valuations, in the coming hours. Please check back to Digital Music News (last updated 10:45 am PT).
SoundCloud is frequently criticized for posting unsustainable losses, year after year. But maybe this company is doing something right. According to preliminary details shared this morning by PrivCo, SoundCloud managed to amass revenues of approximately €24,865,000, or $27,919,665 according to current exchange rates.
The financial estimate represents a 43% year-over-year increase. The gain is probably driven entirely by advertising revenues, though other explanations may also emerge.
PrivCo, based in New York, tracks private company financials, as well as M&A and venture capital transactions. They’re insiders when it comes to this stuff, and they’ve agreed to share some data with DMN.
The revenue bump is potentially a great sign, though major questions still surround SoundCloud’s sizable annual losses. In 2014, the streaming music gorilla lost an astounding €39.1 million, or $43.9 million. That occurred against a lower revenue base of €17.35 million, or $19.48 million, a figure that has now increased substantially.