Indian Express Update

According to a report, 8% of the global workforce of SoundCloud will lose their jobs

SoundCloud, a music streaming service, allegedly plans to fire 8% of its staff worldwide. According to a report by Music Business Worldwide (MBW), around 40 workers of the company may lose their employment as a result of the relocation in the next days.

The American workers will be the most affected by the cutbacks.

In a statement delivered yesterday to the company's personnel, CEO Eliah Seton reportedly confirmed the news.Seton cited the memo's motivation for the rearrangement as the company's goal to become profitable.

This is a difficult but necessary choice to maintain the viability of our company and get SoundCloud into the black this year. According to the allegation, Seton's letter said, “In doing so, we are guaranteeing the company's future for the millions of artists who depend on us for their livelihood.

The announcement of layoffs by SoundCloud is not new. Additionally, 20% of the company's personnel was laid off nine months before by previous CEO Michael Weissman.

According to sources cited by MBW, the business may be considering raising some investment or perhaps putting itself up for sale in the next 12 months.

Over 320 million sounds are available on SoundCloud from over 40 million artists.

In 2021, the company's sales was estimated to be $273 million, while its operating loss was estimated to be $25 million.

The announcement of layoffs coincides with a downturn in the IT and streaming sectors. In an effort to minimise costs, businesses like Disney, Meta, and Google have recently reduced their workforces.

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