SoundCloud denies claims that it’s virtually out of money · Newswire · The A.V. Membership

Music internet hosting service SoundCloud bought right into a public argument with TechCrunch right this moment, disputing claims that the music firm—which lately laid off a big share of its workforce—is quickly operating out of working money. As back-and-forthed over on Selection—which in some way grew to become the tennis court docket taking part in host to this little monetary dispute—TechCrunch initially reported that SoundCloud solely had money readily available to maintain itself going by the beginning of the subsequent quarter, i.e., 80 days. The TechCrunch piece additionally alleged that morale at SoundCloud had bottomed out, and that even individuals who survived the current layoffs have been leaping ship.

SoundCloud fired again, claiming there have been “in depth inaccuracies” within the report, and that it’s “absolutely funded by This fall.” (To be clear, that’s basically the identical declare TechCrunch made, simply with a special spin on what occurs after the yr’s ultimate quarter begins.) SoundCloud says information of its monetary issues stems “from a misinterpretation of data by one or two laid-off staff throughout a current all-hands assembly,” and insists that the current adjustments to the corporate’s construction—i.e., the layoffs—”put us on our path to profitability and guarantee SoundCloud’s long-term viability.” The corporate additionally says it’s doing every part in its energy to assist laid-off staff land on their toes.

Undaunted, TechCrunch responded in flip, now getting brazenly tetchy on the accusations of dishonesty. “SoundCloud has clumsily tried to refute our TechCrunch article on its monetary and morale issues by issuing an announcement to Selection saying our submit accommodates ‘in depth inaccuracies,’” author Josh Constine responded. “But its supposed ‘corrections’ merely repeat what we did publish, and refute one thing we didn’t publish…TechCrunch stands by its reporting.”

As one of many greatest unbiased audio-hosting websites on the web, SoundCloud has been invaluable to musicians working exterior the studio system. Nonetheless, the corporate has by no means managed the knack for monetizing itself, and has been going through monetary difficulties since at the very least final December, when Spotify dropped negotiations to buy it.

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