SoundCloud’s negotiations with Universal, Sony and Warner have reached an impasse, according to the Financial Times.

The three major labels are allegedly unhappy about the terms proposed by SoundCloud to license their music and without obtaining licensing agreements from the rights holders, SoundCloud will not be able make money from streaming the copyrighted audio.

SoundCloud has more than 175 million listeners a month and raised $60m in a funding round earlier this year, which saw the likes of GGV Capital, ...