Layoffs Hits SoundCloud; Audio Streaming Platform To Fire 8% of Its Workforce
Audio streaming platform SoundCloud has reportedly laid off 8 per cent of its workforce as it seeks profitability amid global macroeconomic conditions.
San Francisco, May 24: Audio streaming platform SoundCloud has reportedly laid off 8 per cent of its workforce as it seeks profitability amid global macroeconomic conditions. The decision mainly affects employees in the US, reports Billboard, citing a representative from SoundCloud.
SoundCloud CEO Eliah Seton said in a meeting with employees that layoffs are being made "in order to help the company turn a profit". The company also said it would seek further investors for the audio streaming service. Alibaba Layoffs: Chinese Tech Giant To Make Significant Job Cuts Amid IPO Plans.
"Everyone whose job is impacted by this change will receive an invitation to meet with the People Team and their manager," Seton said in a memo. He took accountability for this decision, saying, "This is a challenging but essential decision to ensure the health of our business and get SoundCloud to profitability this year."
In August last year, SoundCloud announced to cut 20 per cent of its workforce "given the challenging economic climate and financial market headwinds". Then SoundCloud CEO Michael Weissman wrote in an email that making changes that affect people is incredibly hard. Layoffs Hit Pakistan: Massive Dip in Sales Leads To Thousands of Job Cuts in Auto Industry, Says Report.
"But it is one that is necessary given the challenging economic climate and financial market headwinds," he added. In 2017, SoundCloud fired about 40 per cent of its workforce for the company's "long-term, independent success".
(The above story first appeared on LatestLY on May 24, 2023 03:38 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).