SoundCloud Layoffs: Audio Streaming Platform Announces Job Cuts, To Fire 8% of Its Workforce To Become Profitable
Amid the ongoing layoffs season, audio streaming platform SoundCloud has reportedly announced to cut its workforce by 8 percent.
Mumbai, May 24: Amid the ongoing layoffs season, audio streaming platform SoundCloud has reportedly announced to cut its workforce by 8 percent. Notably, the layoffs were announced during a meeting by CEO Eliah Seton. As per reports, the layoffs will see around 40 people being laid off at the company's US office.
The layoffs at SoundCloud come in addition to job cuts announced by other music and content streaming platforms such as Disney, and Netflix among others. According to a report in Music Business Worldwide, the news of the layoffs at SoundCloud was confirmed after the employees received an internal memo from the company's CEO Eliah Seton. SoundCloud Will Reduce Its Workforce by Around 20%.
As per the reports, layoffs at the streaming platform are being made in order to turn the company profitable. Eliah Seton called the layoffs "simply the hardest thing we can do in our business". "This is a challenging but essential decision to ensure the health of our business and get SoundCloud to profitability this year."
The memo further read, "In doing so, we are securing the company’s future for the millions of artists who rely on us for their living and their self-expression, and the millions of fans who come to SoundCloud for the joy of music." The latest job reduction at SoundCloud comes nearly nine months after the company cut off 20 percent of its workforce in August last year. Layoffs Hit Pakistan: Massive Dip in Sales Leads To Thousands of Job Cuts in Auto Industry, Says Report.
The 2022 layoffs at SoundCloud came under then-CEO, Michael Weissman. Speaking about the job cuts back then, Weissman said, "Making changes that affect people is incredibly hard. But it is one that is necessary given the challenging economic climate and financial market headwinds." Before the 2022 layoffs, SoundCloud had fired about 40 percent of its workforce in 2017 with an aim for the company's "long-term, independent success".
(The above story first appeared on LatestLY on May 24, 2023 08:29 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).