SoundCloud, a Berlin-based social sound platform that enables users to create and share sounds, announced on Thursday, August 4, that it will lay off around 20 per cent of its workforce.
“Today’s change positions SoundCloud for the long run and puts us on a path to sustained profitability,” The company says as per a report by Billboard. “We have already begun to make prudent financial decisions across the company, which now extends to a reduction to our team.”
In a LinkedIn post, Michael Weissman, CEO of SoundCloud, says, “Making changes that affect people is incredibly hard. But it is one that is necessary to ensure SoundCloud’s long-term success given the challenging economic climate and financial market headwinds.”
He adds, “For those impacted by this decision, I want to thank you personally for your passion and contributions to SoundCloud and the artist communities we serve. You have all made an incredible impact on the music industry and artists’ lives.”