SoundCloud Layoffs
August 2022
SoundCloud announced a layoff affecting 0 employees (20% of its workforce) in August 2022. The company operates in the Consumer sector.
0
20%
Aug 3, 2022
About
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.
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