tinyfav.com February 23, 2018

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

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.

The German service will reduce its presence to only two offices, in Berlin and NY, according to a blog post from one of its founders, Alex Ljung.

Follow StartupSmart on Facebook, Twitter, LinkedIn and iTunes.

Israeli PM to accompany 'friend' Modi at many events
In the Jewish State, there are an estimated 80,000 to 85,000 non-resident Indians, or those whose ancestry dates back to India. Two countries are also looking to enhance ties in the field of cyber security, an area which has emerged as the new threat.

Kelly Clarkson Shuts Down Body Shamer On Twitter
We are who we are. "Whatever size, and it doesn't mean that we're gonna be that forever", she said. Fans also confronted the person and praised the Piece by Piece hit-maker for standing up to him.

Somehow, Jay-Z's 4:44 Is Already Certified Platinum
Good news for Snoop , JAY-Z made 4:44 a free download for fans! Pictured above is Hov and RIAA Chairman and CEO Cary Sherman with the plaque for the album.

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.

SoundCloud was supposed to have led a new round of industry consolidation, but the streaming service has instead committed itself to isolation.

SoundCloud bagged $2.5m of Series A funding from Doughty Hanson Technology Ventures in 2009; raised $10m Series B investment from Union Square Ventures in 2010; and took in $60m in 2014.

Other News

Trending Now

SC mulls another window for depositing demonetised high currency notes
The Court has reprimanded the Centre and said that it can not set up a deadline for depositing demonetised currency. Prime Minister Modi had announced on November 8 that Rs 500 and Rs 1,000 notes would no longer be a legal tender.

Who is Meredith Salenger? 4 things to know about Patton Oswalt's fiancée
What do you think of the stars' unexpected engagement? Salenger has appeared in numerous TV shows and movies. She maced me but said yes later.' Slave I and Padawan are Star Wars references.

Test data blamed for wild swings in Nasdaq-listed stocks
Tracking share prices in real time is usually done via platforms like Bloomberg's , while others rely on Google and Yahoo Finance. Erroneous prices showed up on the websites that included CNNMoney, Bloomberg and Google Finance in after-hours trading.

Million That Jay-Z Gave To Kanye West Was Standard Business Advance
This came shortly after an erratic performance in Sacramento where Kanye ranted about JAY Z not calling him among other things.

Real Madrid Stalwart Pepe Set For Besiktas Switch
Pepe reportedly had a medical at Paris St-Germain before opting for Besiktas. He could not play in the 2017 Champions League final against Juventus.

After GST, service tax on ATM transactions goes up
In a meeting concluded last week, the academic council accepted the recommendations made by the faculty of commerce and business. Asked about the perception that the GST will push up GDP growth by at least 2%, he said, "GDP is not dependent on one factor".

Daughter of victim asks Virginia to spare killer from execution
Jeaneen Sutphin , the deputy's mother, said she hopes the execution proceeds as scheduled, but feels empathy for Morva's family. Since the trial, William's mental health has continued to deteriorate because prison doctors have refused to treat him.

Pokemon Go Anniversary Event: Catch a rare Pikachu on the game's birthday
The locations will include the impressive Chester Castle, which will open its doors to the public for the first time in 20 years. It remains to be seen how hard it will be to catch him, so make sure you're fully stocked before you go hunting.

Venus Williams breaks down in tears when asked about fatal auto crash
Williams has chosen to play on, and showed her on-court resilience in coming through the opener. Her children filed a wrongful death lawsuit and said that Jenner's negligence was to blame.

Ariana Grande marks youngest Manchester victim's birthday
Devastated dad Andrew said: "You couldn't be out with Saffie without having fun, but her dream was to be famous". Mr Roussos hoped she might be in one of the hotels but as the hours went on he was told by police she had died.