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SoundCloud lays off 40% of its staff and closes two offices
08 July 2017, 12:41 | Melanie Burgess
Getty Image Getty SoundCloud CEO Alex Ljung with Vic Mensa
The London and San Francisco offices - home to around 20-25 people each - are shutting down as part of the restructure.
"We need to ensure our path to long-term, independent success", Alex Ljung, the company's co-founder and chief executive officer, said in the blog post. However, we need to ensure our path to long-term, independent success. SoundCloud's failure to turn its 175 million unique monthly listeners into a profitable business is nonetheless instructive of the sector's challenging economics.
SoundCloud began as a streaming service that was free, but introduced advertisements during 2015, prior to the launch of a subscription service for music streaming, which was launched during March of 2016 to compete with Apple Music, Amazon Music and Spotify.
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In a bid to shore-up the loss-making company, streaming platform SoundCloud confirmed late on Thursday it has eliminated 173 of its 420 staff positions - a move that will see more than 40 percent of its staff leave.
Wahlforss added: "I go there [London] regularly and it's a crucial place for us to be as a global platform".
However, the future of SoundCloud has been a debate for quite some time due to the struggles of the company to find a source of revenue that is reliable.
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