SoundCloud, most famous and revolutionary online distributor of audio was facing some great crisis and was falling freely.
But it looks like time has changed and things are getting back on track.
SoundCloud is an online platform that deals with audio distribution, based in Berlin, Germany. Sound cloud got pretty popular from the time it was launched in August 2008 by two Swedish people Mr. Ljung and Wahlforssz. SoundCloud allowed its users to record, share, upload, and showcase their original audio or songs to the world. It acted as a direct bridge to reach millions all over the globe.
Recently, SoundCloud had to shut off their two major offices and lose a big number of employees around 173 people in their tough times. The very first public interview of Co-founder of SoundCloud, Mr. Ljung claimed that soon they will be back in full force and retain their name and fame in the market.
SoundCloud was facing a financial crisis where they were hitting the rock bottom. In the year 2015, they generated revenue over a €21.1 million which was a big jump from in respect to the last year, they generated around 21.6 percentage more revenue in 2015. However things drastically changed in the next few months and company skydived without a parachute and operating losses raised to €48.6 million and total loss came out to be 30.9 percent i.e. €51.2 million, which was more than double of the profit they earned that year.
In the process to take back control SoundCloud decided to lose some man power and close down two of their main offices. This decision helps in saving a big amount of €16.9 million but it was still not enough to match the difference between the profit and revenue.
In the recent interview, Co-founder of SoundCloud Mr. Ljung said that they have some great things under their sleeves that will make things right and bring back the company with a bang.
Now, let’s see will SoundCloud be able to play happy tunes for themselves or not?
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