SoundCloud Has Yet to Reach Deal with Major Labels After Posting $29 Million in Losses in 2013

Berlin-based music site SoundCloud posts a shocking $29 million USD in losses for 2013 as it continues its attempt to strike a deal with major labels. Addressing the significant losses, the company affirms that the losses are part of its growth strategy, pointing to a dramatic increase in overhead and investments into technology, which have been greater than its revenues. Other reports suggest that the music sharing platform is in trouble as SoundCloud has failed to negotiate agreements with major labels, resulting in no music to be distributed. As the number of music-sharing platforms continues to grow, SoundCloud will have to come up with a quick solution in the near future. Head over to Music Times for the full report.