After suffering huge money losses over the last year, SoundCloud has struck up a licensing deal with Sony Music, Digital Spy reports.

As part of the deal, the streaming service will be launching a paid subscription fee and will have access to all of Sony Music's artists, according to The Verge.

Although boasting users in excess of 175 million, SoundCloud has only been making 11.2 cents in profit per user.

It has already cut deals with other major record companies as well as a host of independent labels, so it is hoped that Sony's involvement can help boost revenue.

The move is a bit of a surprise after Sony Music pulled Adele and Kelly Clarkson's music off the site last year due to "a break in communications".