SoundCloud’s latest financial results have been published and they show growing losses even before the company inks licensing deals with major labels and publishers.
SoundCloud’s revenues grew by 40% in 2013 to €11.28m, with the company putting it down to “a significant increase in the number of subscribers” from its community of creators.
However, SoundCloud’s net losses increased faster, by 86% to €23.11m in 2013. “Our overhead base has increased faster than our revenues,” as the company put it in its accounts filing. Well, quite.