Friday, 21 July, 2017

Soundcloud music streaming site cuts jobs with profits still out of reach

SoundCloud To Cut 40% of Its Staff As It Continues To Struggle SoundCloud cuts 40% of workforce, closes London office
Mae Harvey | 08 July, 2017, 00:40

"By reducing our costs and continuing our revenue growth, we're on our path to profitability and in control of SoundCloud's independent future", he wrote.

Some of those affected took to Twitter to react - and to advertise their services.

The London and San Francisco offices - home to around 20-25 people each - are shutting down as part of the restructure. Most of the content on SoundCloud is free, and a subscription tier introduced a year ago that put some music behind a paywall hasn't been as successful as executives hoped.

Two employees with SoundCloud said the video call shocked them adding they had not anticipated that something like that would happen.

Eric [Wahlforss] and I founded SoundCloud almost 10 years ago as we saw a need for something that would enable artists to share and connect through music. SoundCloud's failure to turn its 175 million unique monthly listeners into a profitable business is nonetheless instructive of the sector's challenging economics.

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"With more focus and a need to think about the long term, comes tough decisions". SoundCloud veteran David Noël, one of SoundCloud's first employees, left in March, while in February it was reported that SoundCloud's COO and finance director had both left the company.

Spotify was recently valued at $17.6 billion, with rumours it will be the first major company to carry out a direct listing on the New York Stock Exchange when it goes public later this year or early next year, according to Fairfax.

SoundCloud continues to struggle.

SoundCloud had raised $70 million from Twitter in June of 2016, after raising another $35 million of debt financing in January of past year. Popular among passionate young music fans, artists such as Chance the Rapper post material to site before it's released elsewhere, while record labels use it to scout new talent. The company's revenues in 2015 were €21. million (£19 million).

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