SoundCloud has published its financial results for 2018, which you can read here via its filings page on the UK’s Companies House website. The streaming service grew its revenues by 19.1% year-on-year to £108m (around $115.7m at the end of 2018). SoundCloud also cut its administrative expenses from £75.5m in 2017 to £58.2m in 2018, helping it to narrow its annual operating losses from £51.4m to £32.9m in that period, and its net losses from £63.8m to £32m.
Digging into the details, the filing reveals that subscriptions (including those from listeners and from creators) accounted for 77% of SoundCloud’s revenues in 2018, down from 80.1% in 2017. The cost-cutting included a reduction in staff from 307 in 2017 to 240 in 2018, including more than half of the company’s sales and marketing headcount.
The filing also reports that in 2018 SoundCloud “achieved all-time highs in all key business metrics including Monthly Active Users (MAUs), Daily Active Users (DAUs), Listening Time (LT), Subscribers and Advertising”. No figures are included for the MAUs, DAUs and LT though. The filing predicted “strong revenue growth” in 2019.
MBW has a bit more info from SoundCloud on that: the claim that its Q4 revenues in 2019 pointed to a ’12-monthly gross revenue run-rate’ of $200m (i.e. annual revenues, if that single quarter was extrapolated out to a whole year).
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Pretty much they will still go bankrupt at some point lol.