The future of SoundCloud looks to be in serious jeopardy as two key executives have parted ways with the music streaming giant just weeks after it suffered a net loss of over $50 million.
As Music Business Worldwide reports, while a fiscal report for 2015 filed by SoundCloud last month showed annual revenues up to €21.1 million (over $AU29 million), it was hit with a net loss of €51.22 million (over $AU71 million).
SoundCloud co-founder Alexander Ljung reportedly added in the report that the group "may run out of cash" by the end of the year if it does not secure funding.
The news has gotten no better for the Berlin-based company as it has since been announced this week that COO, Marc Strigel, and Finance Director, Markus Harder, have resigned.
According to Music Business Worldwide (via Financial Times) a SoundCloud spokesperson said of the departures, "After five or so years, they felt it was time to move on to new adventures," adding that the company is "currently out speaking to investors".
Meanwhile, US hip hop artist Chance The Rapper praised SoundCloud yesterday at the Grammys after he accepted the award for Best Rap Album.
"This is for every indie artist," Chance said, who also has over 1.3 million followers on the streaming service.
"Shouts out to SoundCloud for holding me down. It's another one, baby!"
