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As reported by PrivCo, a New York based company that tracks private business financials, SoundCloud’s top-line revenues have increased by 43% in the last year. The disclosed revenue was €24,865,000, which amounts to $27,919,665 according to the current exchange rate.
SoundCloud has long been known to have financial struggles; In fact, in 2014 the company lost €39.1 million ($43.9 million). That loss was against a lower revenue base, since the company only brought in €17.35 million ($19.48 million) that year-which is over $8 million less than its current revenue. Though it will take more time and reports to show if this upward trend will stick, could it be possible that SoundCloud’s financial troubles are being resolved?
Since streaming is rapidly becoming a large force in the music industry, and will likely be the future of the business, monitoring the successes and failures of large streaming companies is essential. SoundCloud is a giant in the music streaming world (currently valued at $700 million dollars), and whether it continues to play a large role in the world of streaming is yet to be determined.