SoundCloud lost £30.32m in 2014, according to newly released financial reports.
The Berlin-based streaming service has brought in £28.66m in revenue over the last three years but lost almost £58m, reports Music Business Worldwide.
The latest figures also revealed that the company’s administrative expenses (staff and other business basics) grew 67.8% to €47.74m in 2014 despite having suffered substantial losses the previous year. Its total expenditure on wages & salaries jumped 42.5% to €17.9m in the same period.
“Our overhead base has increased faster than our revenues,” acknowledges SoundCloud’s strategic report section of its 2014 financials.
SoundCloud raised £53.4m in investment in 2015 and recently struck a landmark deal with Universal Music Group.
The company is reportedly planning to launch a subscription tier this year to help turn its fortunes around.