SoundCloud criticises Financial Times over ‘begging’ claims


SoundCloud isn’t happy at all about the Financial Times’ report earlier this week on the company’s current situation.

While it’s true that two senior executives recently left SoundCloud, and that the company is seeking more investment, the streaming service has hit out at the inclusion of a quote from an anonymous financier claiming that “SoundCloud is begging for money” from investors.

“The Financial Times relies on one anonymous source to tell an inaccurate story about SoundCloud. SoundCloud is currently fundraising, which is typical of most startups of our size and in our phase of growth,” said a spokesperson yesterday.

“That the Financial Times would compromise its journalistic standards to include an anonymous quote characterising this normal course of fundraising as ‘desperation’ is disappointing and surprising for a newspaper of record.”

The statement went on to note that recently-appointed CFO Holly Lim is leading SoundCloud’s fundraising efforts, while maintaining that “SoundCloud remains in a position of strength and is confident in its long-term prospects”.

That’s a bold claim given the detail in the company’s most recent financial results: Lim’s fairly urgent task is to secure the necessary investment to give SoundCloud even mid-term prospects.

Stuart Dredge

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