Soundcloud, a music streaming platform popular with many DJs and Producers in EDM culture, has reported an operating loss of 29.2 million last year.
This is according to a report on TechCrunch, which also states "Soundcloud posted turnover of €11.2 million ($14.1 million) in 2013, up 40% from 2012’s revenues of €8 million. But its operating loss in the period more than doubled, to €23.1 million ($29.2 million) in 2013 from €12.4 million in 2012."
Soundcloud issued the following statement regarding the loss:
We are in a phase of growing SoundCloud into the market-leading platform for listening to, creating and sharing sound. This has necessitated investment in technology, headcount and marketing. Our overhead base has increased faster than our revenues.”
Techcrunch's article also goes on to discuss Soundcloud's recent monetization programs. They began back in August and included and ad program and premium services.
Recently, Soundcloud has come under fire for some of it's copyright tactics have stripped several EDM artists of their work, due to legal misunderstandings between the Soundcloud algorithm and artist/label ownership of the songs.
You can read more on Techcrunch .