SoundCloud to fire 40% of its employees

The music streaming platform SoundCloud announced that it would lay off 173 employees, that’s about 40% of the entire team, and shut down their offices in San Francisco and possibly London in a quest for profit. The company has revealed its financial problems since January this year.

“Since entering the music streaming industry, we focussed on the growth of our business only in the last 12 months which saw a two-fold increase in our revenue. However, we need to ensure that this growth trend continues. In order to do that, we have to cut costs, promote our brand and increase subscription revenues,” said Alexander Ljung, co-founder and CEO of SoundCloud, quoted By CNBC.

Rumors have circulated recently that several companies want to buy SoundCloud, with Deezer being one of them.

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The online service “SoundCloud” emerged as a DJ platform and has become popular amongst musicians for its simple interface and ease of use.

Soundcloud has about 175 million listeners and a vast array of music. The company is based in Berlin, Germany, and its online audio distribution platform enables users to upload, record, promote, and share their originally-created sounds. SoundCloud’s content is evenly split between music and other audio.