Which music company is going public next in 2021? It might soon be easier to ask which music companies aren’t. The latest setting its sights on the markets is music streaming app Trebel, and you can read its filing here, including details on its business.
The app has a catalogue of more than 15m songs licensed from rightsholders including all three major labels, having launched in late 2018. It’s a free, ad-supported streaming service that lets people download music to play offline.
The filing reveals that Trebel had 3.2 million monthly active users at the end of 2020. However, it also offers an insight into the costs of getting such a service up and running.
Trebel’s revenues grew from $962.8k in 2018 to just under $1.9m in 2019, but it posted operating losses of $3.4m and $3.8m for those years respectively. Its auditor says there is “substantial doubt about its ability to continue as a going concern”, and its CEO has deferred his salary “because paying it would have jeopardized the Company’s ability to continue as a going concern”.