Soundcloud announces losses of over £18 million for 2013

However, these woes are allayed by the Berlin-based company, who are rapidly expanding.

The company have released a statement on the figures:

"We are in a phase of growing SoundCloud into the market-leading platform for listening to, creating and sharing sound. This has necessitated investment in technology, headcount and marketing. Our overhead base has increased faster than our revenues.”

This news doesn't look like it'll be much of a setback; however, the news that major labels have stalled licensing talks doesn't bode quite as well for the business.