SoundCloud lays off nearly half their employees, shutter officesSoundcloud Ad

SoundCloud lays off nearly half their employees, shutter offices

In a shocking turn, SoundCloud has reportedly laid off nearly half it’s workforce, closing offices in London and San Francisco. According to Bloomberg the embattled streaming giant has let go 40% of it’s staff — a move CEO Alexandra Ljung has stated will ensure its “long-term, independent success.”

The move is part of a strategic plan which executives maintain requires “cost cutting, continued growth of [their] existing advertising and subscription revenue streams, and a relentless focus on our unique competitive advantage — artists and creators.”

While Ljung maintained that SoundCloud will always be available in 190 countries world wide, 173 staffers were let go with those remaining shuffled into the Berlin and New York offices.

“We are extremely grateful for the contributions of each and every staff member who will be leaving SoundCloud, and we wish all of them the best, said Ljung. “Without them, we would not be where we are today.”

SoundCloud, he continued, will “continue to be the place for what’s new, now and next in music.”

Despite serious and widely reported problems including losses verging on $100 million from 2014 to 2015, SoundCloud executives claim they have a “strong outlook for 2017 and beyond.”

H/T: Fact

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