SoundCloud to lay off about 20% of its workforce, blaming weak economic environment – ​​TechCrunch

As news of layoffs spread around the world, sound cloud Unfortunately, will join the masses. The audio distribution and music-sharing platform plans to reduce its global workforce by about 20 percent. SoundCloud CEO Michael Weisman send via email employees, notifying them that US and UK employees will be notified if they are affected in the coming days.

The company told TechCrunch that the decision was due to “a significant transformation of the company and a challenging economic and financial environment.”

SoundCloud added: “During this difficult time, we’re focused on providing support and resources for those transitioning, while strengthening our commitment to executing on our mission to lead the future of music.”

in a LinkedIn Posts Yesterday, Weisman wrote: “To those affected by this decision, I want to personally thank you for your passion and dedication to SoundCloud and the artist community we serve. You have all made an incredible difference to the music industry and the lives of artists. impact. SoundCloud has always been resilient, and together we will continue to meet the challenge of leading the future of music.”

Just two weeks ago, he shared a postal The company announced the hiring of two executives, Jessica Rivera and Maurice Slade.

SoundCloud last laid off staff 2017 when it was reduced by 40%.Since then, SoundCloud has been on track for profitable growth, with its annual revenue run rate about $300 million.

In July, SoundCloud signed its first major label partnership with Warner Music Group, which was good news for the company. A few months ago in May, the company acquired AI music curation company Musiio.

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