SoundCloud, a music streaming service based on user-submitted content, is laying off 40% of its employees and consolidating the rest in its London and New York offices in order to reduce costs.
SoundCloud, the audio streaming site that is based on user-uploaded content, has announced today that it is laying off 173 of its 420 employees, or over 40% of its staff, in order to stay independent and ensure long-term success. Alex Ljung, co-founder and CEO, stated on the company’s blog:
The company will close its offices in San Francisco and London, and consolidate its staff in its New York and Berlin offices. By reducing costs and continuing its revenue growth, the company says that it will be able to become profitable in the near future.
SoundCloud promises that nothing will change for its 175 million users in 190 countries, and will share more about the company’s future plans in the coming weeks and months.
Source: SoundCloud
