Soundcloud Culls Staff By 20 Percent
Online music distribution platform Soundcloud is getting prepared for a challenging economic climate, reducing their staff numbers by 20 percent.
According to a company memo from SoundCloud CEO Michael Weissman via Billboard, the music platform will be notifying affected staff over the next several days.
“Today’s change positions SoundCloud for the long run and puts us on a path to sustained profitability,” said Weissman.
“We have already begun to make prudent financial decisions across the company and that now extends to a reduction to our team.”
Major cuts to company staff numbers aren’t new for Soundcloud, having dropped 40 percent of their workforce back in 2017, saying it had to be done to ensure the company’s “long term, independent success.”
Soundcloud isn’t alone in reducing its staff numbers either, with companies such as Tesla, Google, Twitter and more announcing hiring slowdowns. Spotify announced in June that it would be reducing its hiring by 25% and re-evaluating “headcount growth”.