In deep concern with the rapid growth in technology and the looming new innovative rivals in the field of Music streaming technology, Soundcloud is planning on a new strategy of fund raising. In this venture of fundraising, the company had a loss of human resource, two senior executives who went in search of new chairs.
Reports were made about the financial state of the company by Financial Times, which then the company denied. Marc Strigel, SoundCloud's chief operating officer, and finance director Markus Harder left the company amidst the fundraising venture after five years of service.
Financial Times has reported the company’s new strategy as a desperate counteract in response with the loss it is going through. But the intermediaries of the company have already denied it and is trying to bring the whole scenario in a supportive way.
According to a data review, the company has acquired $100 million which is exactly half of the total amount it has made since the emergence of the company. The auditors of the company has warned about the uncertainty in the existence of the company in response to the filing with the UK companies house.
"Although they had come up with popularity among the music artists and enthusiats, the failure in making licensing deals with major music brands has lead to the loss of around 48.7 million Euros during 2015. ”
"With better innovative ideas and new platforms of creativity we will continue to remain rooted in the field” the sound cloud intermediary said.