Audio streaming service SoundCloud has reported a $44.19m loss on revenues of just $15.37m in 2014, according to its latest financial reports.
The latest results indicate that the company, which allows both musicians and other content creators to share audio online for free, will likely have to seek additional capital investment to continue operating.
The Berlin-based firm told FACT that the figures reflected “those of a company in a strong growth stage”.
More than 110m tracks have been shared on the service, which boasts 175m monthly active users.
SoundCloud has also recently enabled content creators to generate revenue through advertising, partnering with rights management company Zefr to prevent the reproduction of copyrighted material.