SoundCloud is running out of cash and will only survive “until Q4” reports sources within the streaming platform. Q4 starts in 50 days.
The news arrives less than a week after co-founders Alex Ljung and Eric Wahlforsshref laid off 40% of their workforce and shut down their San Francisco and London offices.
Whilst not everyone is reaping the rewards of the current music streaming boom, a new report from Music Business Worldwide states that the three major labels are making $9,000 a minute from streaming music alone.
That works out at $540,000 per hour and $12.5 million every day, which means this year the three major labels — Sony, Warner and Universal — could pocket a staggering 5 billion between them if growth continues at the same rate.
Coachella's first weekend is almost upon us and if you can't make to Indio fear not as there will be three channels of live streams on Coachella's Youtube channel to keep you entertained.
You can check out the entire live streaming running schedule here — where you can actually create you're own custom made schedule using Coachella's handy scheduling tool — but we've also gone to the trouble to pick out all the dance-orientated acts across the festival's three days.
YouTube has announced it will no longer have unskippable, 30-second adverts come 2018.
Advertising on the platform is used to generate revenue for the company and content creators, so this doesn't mean a total end to advertising on the platform.
However, the company will "focus instead on formats that work well for both users and advertisers", a Google spokesman told BBC Newsround.
Apple Music boss Jimmy Iovine has confirmed that the streaming platform is aiming to branch out beyond just music.
In a Q&A session during the Television Critics Association’s winter press tour last weekend, Iovine said: "At Apple Music, what we're trying to create is an entire cultural, pop cultural experience, and that happens to include audio and video."
SoundCloud may "run out of cash" by the end of the year, Music Business Worldwide reports.
The news follows a reported loss of $52 million in 2015 by the music streaming platform, who've warned they may need to seek additional funding if the company's newly-implemented subscription service doesn't render high returns.
Google is rumoured to be interested in buying SoundCloud, a new article from Music Business Worldwide claims.
Sources report the tech giant could purchase the streaming platform for around $500 million, a significant reduction since Spotify pulled out of negotiations last year due to a $1 billion pricetag.
Facebook is in the process of building an content recognition system, a new report by the Financial Times has revealed.
The program will combat copyright infringement across the social network, automatically identifying and removing copyrighted material similarly to the Content ID system used by YouTube.
Boiler Room is taking the online gig experience to the next level with the launch of the first virtual reality music venue.
Created by VR developer, Inception, the venue is set to go live in 2017, and promises to offer an immersive experience like no other.
“Most of Boiler Room's audience is made up of global online users who tune in to watch music events they can’t attend in person," say Boiler Room via press release. "We’ve always been driven by using technology to showcase the music we care about in the most authentic way we can.”
Amazon has launched its new streaming service Amazon Music Unlimited.
According to a report from The Verge, the platform hosts "tens of millions" of tracks from a vast array of major and independent labels.
Subscriptions currently cost $9.99 a month, the same as Spotify and Apple Music, however Amazon is offering two other packages in an effort to undercut its competitors.