Soundcloud music streaming site cuts jobs with profits still out of reach

Soundcloud music streaming site cuts jobs with profits still out of reach

Soundcloud music streaming site cuts jobs with profits still out of reach

It introduced advertisements in mid 2015 ahead of the launch of its subscription streaming service, which launched in March 2016 to compete with Spotify, Apple Music, and Amazon Music.

SoundCloud in an effort to cut costs announced on Thursday that it has let go 173 employees and consolidated the remaining team into two offices - one in NY and the other in Berlin. The firm's albeit modest London office is also closing, with the focus now on Berlin and NY.

SoundCloud, the audio streaming site that is based on user-uploaded content, has announced today that it is laying off 173 of its 420 employees, or over 40% of its staff, in order to stay independent and ensure long-term success.

Ljung said: "By reducing our costs and continuing our revenue growth, we're on our path to profitability and in control of SoundCloud's independent future".

Circa 175 million listeners have flocked to the company.

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The cuts in jobs come following report that suggested the company, which has been given a value of $700 million by investors, could be preparing to sell at a much lower price, possibly leaving its early shareholders little to earn from the sale. Ljung also indicated that the company's doubled its revenue in the last 12 months, though he didn't share any details on that growth.

"So what does this mean for SoundCloud?".

"With more focus and a need to think about the long term, comes tough decisions".

Two employees with SoundCloud said the video call shocked them adding they had not anticipated that something like that would happen. SoundCloud is based in Berlin and will maintain a second office in NY.

SoundCloud was not immediately available for comment. "I look forward to sharing more about our future plans in the weeks and months ahead".

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