SoundCloud has laid off 40% of its workers · Newswire · The A.V. Membership

Bloomberg reviews that SoundCloud has simply laid off 40 % of its workers in an effort to shore up profitability. 100 seventy-three of the 420 individuals on employees have been let go, and the music streaming platform’s London and San Francisco workplaces are scheduled to shut. The fee-cutting measure comes seven months after a potential merger with Spotify fell by way of, and after information broke that the corporate’s multimillion-dollar losses had elevated between 2014 and 2015.

In a weblog submit on his web site, SoundCloud co-founder and CEO Alex Ljung introduced his imaginative and prescient for the corporate’s future, which he assured readers and customers will proceed to function in practically 200 international locations. However, Ljung wrote, “we have to guarantee our path to long-term, impartial success,” which apparently consists of lowering personnel. Ljung additionally indicated that the corporate’s doubled its income within the final 12 months, although he didn’t share any particulars on that development.

Although now as much as 175 million subscribers, SoundCloud’s indie clout hasn’t led to almost the form of monetary success as rivals like Spotify. This, regardless of having adopted the pay mannequin for offline listening. However an acquisition may nonetheless occur, as The New York Publish reviews different streamers, like Apple Music and Deezer, have been buying round.

[through Truth Journal]

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