SoundCloud have reported huge losses for the last financial year.
Music Business Worldwide has reported (via FACT) the company's annual figures, with SoundCloud's overheads increasing much faster than its income.
According to the report SoundCloud brought in €15.37m ($17.35m) in 2014, but it also lost a total of €39.14m ($44.19m).
The growth of SoundCloud has led to a huge increase in employee wages, with the firm now spending €17.9m per year – meaning that the average wage at the company now reaches €79,980 per annum.
The Financial Times adds that auditor KPMG said in the report that the requirement for more investment represented "a material uncertainty which may cast significant doubt on the company’s ability to continue as a going concern."
FACT contacted SoundCloud, who claimed that the losses "reflect those of a company in a strong growth stage," which still has "over 18 million creators are using the platform, sharing well over 110 million tracks, and reaching 175 million monthly active listeners."
