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SoundCloud has lost over $70M in 2 years, board cites “material uncertainties”

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New financial records released by SoundCloud show that the company has nearly doubled its losses from 2013 to 2014—those two years combined account for a total of €62.1 million ($70.3 million) in losses.

The Berlin-based audio social network has been the darling of independent producers and DJs worldwide who use it to share and comment on each other’s work. But like some startups, it has struggled to turn its massive user base into meaningful revenue. As a "freemium" service, most people use the site without paying.

With mounting losses, the company’s board of directors wrote that there are "material uncertainties facing the business."