SoundCloud

SoundCloud has laid off 8% of its staff as part of efforts to reach profitability this year, following a previous round of layoffs in August last year. CEO Eliah Seton stated this decision is essential to secure the company's future for artists and fans. The layoffs come amid challenges in the music streaming industry, with SoundCloud focusing on partnerships and new features like a vertical feed and fan-engagement tools.

SoundCloud, the audio streaming service, announced on May 23 that it is laying off 8% of its workforce as part of a strategic move to achieve profitability for the first time in the company's history by the fourth quarter of this year. The decision primarily affects U.S.-based employees and follows a previous round of layoffs in August 2022 that cut 20% of staff. CEO Eliah Seton emphasized that this challenging step is essential to ensure the long-term health of the business, while the company also seeks further investment. This marks another restructuring effort for SoundCloud, which had significant layoffs in 2017 as well, as it strives to secure a sustainable and profitable future in the competitive music streaming industry.

SoundCloud, the music streaming platform, announced layoffs impacting up to 20% of its global workforce in early August 2022, as confirmed by CEO Michael Weissman. This reduction, part of a significant company transformation, is attributed to the challenging economic climate and financial market headwinds, aiming to position the company for long-term sustainability and profitability. While the exact number of affected employees wasn't specified, the 20% cut follows a period of growth, including a profitable quarter in 2020 and an annual revenue run rate around $300 million. The company, which had previously laid off 40% of staff in 2017, is providing support to those transitioning and remains focused on its mission in the competitive music tech industry.