Last october soundcloud-a free music-streaming service with a massive 175 million monthly users-appeared to be running out of cash. News broke that the Berlin-based company had lost $29.2 million in 2013, and when a rumored $2 billion buyout bid by Twitter fell through, it looked like music's hottest startup might be in danger of going bust. Then something strange happened: Warner Music Group became the first major record label to strike a licensing deal with SoundCloud, instantly legalizing scores of songs posted to the service. More surprisingly, Warner acquired up to 5% of the company, adding to funding that's passed $120 million; the company is now valued at over $1.2 billion.
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