SoundCloud has boosted revenues to €90.7 million (£79.2m), according to new accounts at Companies House.
CEO Kerry Trainor has previously spoken to Music Week about the turnaround plan at the streaming platform after taking over in summer 2017.
It appears to be working as SoundCloud has improved its financial performance after a difficult period that required the company to rationalise its operations and seek new financing.
As well as increasing revenues by 80.3%, the financial results for 2017 show that SoundCloud reduced its operating loss from €70.5m (£61.6m) to €51.4m (£44.9m).
Subscription revenue increased by 89% to €72.6m (£63.4m).
In its financial report, SoundCloud said: “Strategically, SoundCloud is now focused on two primary key initiatives: First, to continue growing our core creator business by building and marketing the best software tools for creators to upload, share and promote their content, helping them to grow their careers; and second, to build a differentiated listening and consumption experience for SoundCloud´s young, trendsetting, global music fans who want to be on the pulse of what’s new and next in music.”
SoundCloud has recently expanded its direction monetisation programme. Spotify has also been trying to appeal to independent artists with a free direct upload service.
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