SoundCloud Layoffs
May 2023
SoundCloud announced a layoff affecting 0 employees (8% of its workforce) in May 2023. The company operates in the Consumer sector.
0
8%
May 23, 2023
About
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.
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