SoundCloud, the popular streaming service and distribution company, has recently announced a staff reduction of 8% as part of its efforts to improve profitability. The decision was made by SoundCloud’s CEO, Eliah Seton, who took on the role in March. This marks the second round of layoffs in recent months, following a 20% reduction in staff last August.
The move towards a leaner workforce was conveyed to employees through a memo, in which Seton emphasized the importance of ensuring the company’s financial health and achieving profitability in the current year. He highlighted that these measures are crucial for sustaining SoundCloud’s support to millions of artists who rely on the platform for their livelihood and creative expression, as well as the millions of fans who find joy in the music available on SoundCloud.
SoundCloud aims to thrive in its mission to shape culture, maintain its status as the leading destination for artists and fans, and pioneer the future of music. While further details regarding the layoffs have not been disclosed, SoundCloud has been actively working on initiatives such as fan-powered royalties and collaborations with partners like Merlin and Warner Music Group to enhance its services for artists.
SoundCloud has yet to respond to requests for comment from Resident Advisor regarding this announcement.