SoundCloud reveals losses of £18 million for 2013

'Our overhead base has increased faster than our revenues,' said the company

SoundCloud has revealed losses of over £18 million for 2013.

The music streaming site have released a statement concerning their annual figures for last year – via The Line Of Best Fit – which reads:

“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.”

The Financial Times recently reported that major labels Universal, Sony and Warner are all ‘unhappy’ with the Berlin-based company’s plans to license their music. An unnamed source from one of the labels commented of the free service: “The clock is ticking on how long they can continue operating as a service that’s unmonetised.”