Soundcloud Is Laying Off 40% Of Its Employees And Closing Two Offices To Become Profitable
Back in January, Soundcloud announced that they would be running out of cash unless they find new investors. Now Soundcloud has revealed that they will be getting rid of 173 of its total 420 employees (that’s over 40%) and will be closing down both its London and San Francisco offices. Its New York City and Berlin offices will remain open.
The news seems to be a new effort from the music company to cut its debt and become less reliant on investors. In a few years time, it may even report a profit. “By reducing our costs and continuing our revenue growth, we’re on our path to profitability and in control of SoundCloud’s independent future,” said co-founder Alex Ljung.