Streaming Company Soundcloud Lays Off 20% Of Its Workforce

SoundCloud, a streaming service SoundCloud cuts off 20 percent of its workers

San Francisco, Aug 5 : SoundCloud, the streaming platform SoundCloud has announced it will reduce 20 percent of its employees “given the current economic conditions and the financial market headwinds”.
SoundCloud CEO Michael Weissman wrote in an email that employees affected by the change will be notified in the next few days, as reported by Billboard.

 Streaming Company Soundcloud Lays Off 20% Of Its Workforce-TeluguStop.com

“We will make cuts on our global staff, which could be affecting up to 20 percent of our business,” Weissman said in the email.

“Making changes that impact people is incredibly difficult.

However, it is essential given the difficult economic environment and the headwinds to the financial markets,” he added.

The new strategy puts SoundCloud in the long-term and “puts us on the path to sustainably profitable growth”, Weissman said.

In 2017 SoundCloud was able to dismiss around 40% of its workforce to ensure the company’s “long-term independently-driven success”.

The company stated that it has “begun to make financial decisions that are prudent across the organization and this includes a reduction in our workforce”.

“We are determined to provide the resources and support needed for those in transition, while also reaffirming our dedication to executing our mission to be the leader of the next phase in music.”

SoundCloud has announced the first quarter of profit in 2020.

In the beginning of the year, the business reported its annual revenue run rate was about $300 million.

Other streaming and music platforms such as Spotify as well as Netflix have also announced job cuts.

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