The rain continues to pour from SoundCloud, as a recent report indicates that the Berlin based streaming platform lost 75% from its previous valuation.
According to a report from Recode, the company which was valued at $700m just three years ago, is struggling to source the capital required to maintain and could sell for a floor price of $200m.
But with Bloomberg last year reporting Soundcloud to be in discussions around a $1bn bid, the rumours could be just that. However, historic pitfalls for the company, including their recent paid service which has caused much controversy from artists such as Four Tet, and an until recent loyal fanbase, as well as a copyright scanning system prone to bugs, is leaving much to the imagination as for the longevity of the company.
[VIA: Billboard]