EDM has undoubtingly expanded and grew thanks to music platform, Soundcloud. The site has allowed artists to upload their work and have a place to share their music with users for free. Now the popular company is in the red. The Berlin based company is ‘dangerously low on cash’ and needs to figure out an additional source of funding. Universal Records and Sony Music Entertainment have been pressuring the company to pay royalties for the content in their music library.
The platform announced that it may implement a $10 monthly subscription fee for all users, even just to listen to music on the site. Currently, the only revenue Soundcloud makes comes from artists who pay for pro and companies who pay for advertising. If Soundcloud goes under, what will be the next music site for EDM DJ’s to share their music?
