Soundcloud to sell stakes to two private equity firms

Soundcloud, a known online audio distribution platform, is in talks with two private equity firms as to keep the said platform operating in the long run.

According to a report from Bloomberg, Soundcloud has failed to generate money from its users or build a business that can sustain itself. The company has already lost a whopping 45.6 million euros ($53.5PHP 3,140INR 4,534EUR 51CNY 389 million) in 2015 on sales of 21.1 million euros. While the talks with the two unnamed private equity firms is on-going, it is still uncertain if everything will go as planned.

Source: Bloomberg