SoundCloud cuts 40% of its staff, closes London & San Francisco office

SoundCloud To Cut 40% of Its Staff As It Continues To Struggle

SoundCloud cuts 40% of workforce, closes London office

CEO and co-founder Alex Ljung wrote on a blog post that "cost cutting" was necessary "to ensure our path to long-term, independent success".

Seeking that positive spin, Ljung concluded: "By reducing our costs and continuing our revenue growth, we're on our path to profitability and in control of SoundCloud's independent future".

The music streaming service SoundCloud has reportedly laid off almost half of its staff and closed two of its worldwide offices.

While the streaming service boasts 175 million active users per month in comparison to Spotify's 140 million active users, the main difference between the two businesses is that SoundCloud is a free membership-based service, compared to Spotify's paid monthly subscription-based offerings.

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"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", Ljung wrote.

Though now up to 175 million subscribers, SoundCloud's indie clout hasn't led to almost the kind of financial success as competitors like Spotify. SoundCloud is based in Berlin and will maintain a second office in NY.

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.

But SoundCloud's future has been a matter of debate for some time as the company struggles to find a reliable revenue source.

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Subscription services proffered include SoundCloud Pro, which lets digital minstrels upload six hours of audio and includes features such as analytics; and SoundCloudGo, a music streaming service with diverse content including songs, DJ mixes and podcasts.

The last official numbers show SoundCloud incurred a €51 million (£45 million) loss in 2015, slightly higher than the €39 million (£35 million) loss it recorded in 2014.

SoundCloud has raised over $298 million including $70 million from Twitter, showed data gleaned from Crunchbase.

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