SoundCloud Only Has Enough Money to Last Until Q4

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The streaming platform has responded to a Techcrunch article that said it only had 50 days of funding left.

The Berlin-based start-up is different from rivals Apple, Spotify and Amazon in that it relies more on amateur musicians, for whom it provides a rare platform, and less on major commercial artists.

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It might be a good idea to back up any music you've shared on SoundCloud as the writing could be on the wall for the long-running streaming service.

A SoundCloud spokesperson has since responded to the leaked information, claiming the company is "fully funded" into the fourth quarter, but noted they are now in talks with potential investors.

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In addition to the layoffs, SoundCloud also closed two of its offices in San Francisco and London.

According to TechCrunch, who have spoken to a number of sources within the company, moral is obviously at rock bottom, with numerous 170 remaining staff looking towards the exit door already, with many accusing Soundcloud's upper management and its founders from hiding the real truth from them about the company's health and user numbers. "By reducing our costs and continuing our revenue growth, we're on our path to profitability and in control of Soundcloud's independent future", Ljung said. It was targeted by Spotify past year in a bid that was later aborted.

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"The biggest problem I see is that the financial problems will absorb much of management's time in trying to raise more money, meaning that the real problems of the business go unaddressed", independent technology analyst Richard Windsor wrote in a note. Sure, Youtube and the like, will still be there to provide a vessel for publications to post music - but lets be honest, Youtube isn't exactly the flawless replacement for what Soundcloud offers. Following a massive round of layoffs last week, reports indicate the company could be doomed.

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