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SoundCloud is firing 20 percent of its global workforce - The Verge

Soundcloud’s CEO told employees Wednesday that it would fire about 20 percent of its workforce, citing current economic headwinds. In 2017, the music service laid off 40 percent of its workforce.

Streaming company SoundCloud is cutting about 20 percent of its global workforce. Billboard reported on August 3rd that SoundCloud CEO Michael Weissman told the staff in a company memo that the change is mostly due to the current economic climate. Employees affected would be notified over the next several days.

“Today’s change positions SoundCloud for the long run and puts us on a path to sustained profitability,” Weissman wrote in the memo. “We have already begun to make prudent financial decisions across the company and that now extends to a reduction to our team.” In a statement to Billboard, a SoundCloud representative confirmed the news, and said: “During this difficult time, we are focused on providing the support and resources to those transitioning while reinforcing our commitment to executing our mission to lead what’s next in music.”

In 2017, SoundCloud fired about 40 percent of its workforce, citing it as necessary for the company’s “long-term, independent success.”

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