Rumours Circulating That SoundCloud Streaming Service on Verge of Bankruptcy
Reports are circulating that SoundCloud is on the verge of bankruptcy - following the apparent presentation of a hemorrhaging $52 million loss
Reports are today circulating that the SoundCloud streaming platform is on the verge of bankruptcy - following the apparent presentation to share holders of a hemorrhaging $52 million loss.
“SoundCloud may run out of cash earlier than December 31, 2017… these matters give rise to a material uncertainty about the Group’s ability to continue as a going concern . …” MusicBusinessWorldWide.Com has reported.
It’s understood that Spotify walked away from an advanced plan to acquire the Berlin-based company in 2014 for $1 billion.
Soundcloud’s major share holders include founders Alexander Ljung and Eric Wahlfor plus Universal Music, Sony Music and Warner Music.
Speculation exists that Google may be placed to acquire the pioneering audio distribution platform and 175 million world-wide users at a drastically reduced price.
The company was founded in 2007 and currently employs over 300 staff members.