Berlin based streaming company, Soundcloud has been in the news a lot recently for its failure to secure monetization deals with record labels and changes in its policies. This time however, reports have surfaced that the company is running low on cash and is unlikely to secure additional funding.
According to Digital Music News, Soundcloud is “at risk of exhausting readily-available funds and will likely require an ’emergency bridge,’ either from existing investors like Union Square Ventures, or alternatively, a bank, by the end of this year.”
Insider reports say that the situation is looking grim for SoundCloud and unless it can sort out its pending lawsuits and monetization, the company will have to secure additional funding in the next 4-5 months.
Guess we’ll just have to wait and watch what happens.
Khushrav’s passion for dance music started early on as he began creating weekly podcast episodes of the latest electronic music across genres and has mixed over 200 episodes over a span of 5years. As a dance music enthusiast, Khushrav still keeps up to date with every week’s releases, contributing to THE’s Spotify playlists.
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