Am I missing something?  This report is from 2014.  Despite the fact that &quot;<i>SoundCloud was heavily reliant on further capital investment to continue operating in 2015.</i>&quot;....it did indeed raise money, made it through 2015, and is still operating in 2016.<p>It seems that this &quot;report&quot; is coming out now because stories about startup implosions get more clicks these days.  It shouldn&#x27;t surprise anyone that they are and have been losing money.  That&#x27;s why these companies raise such large rounds.