Soundcloud probably lays off employees

Around 20 percent of employees are apparently to be made redundant. According to media reports CEO Michael Weissman announced the redundancies by email.

According to a report in the British media outlet Billboard a fifth of its workforce. The redundancies are a reaction to the difficult economic climate and the headwinds on the financial markets, according to the medium. At least that is what it said in an email to employees. According to the email, the start-up will let go of up to 20 percent of its employees in the USA and the UK. It is unclear exactly how many employees Soundcloud has. The company has around 1,700 employees on Linkedin.

"Today's change positions Soundcloud for the long term and puts us on a path to sustainable profitability," CEO Weissman is quoted as saying by Billboard. "We've already begun making prudent financial decisions across the organization, and that now extends to reducing our team," Weissman said. The company had already significantly reduced its workforce in 2017. At that time, 40 percent of employees had to leave due to financial difficulties.

The music and audio platform founded by Alex Ljung and Eric Wahlforss in 2007 reported the first profitable quarter in the company's history in 2020. The company had targeted a turnover of 300 million dollars for the current year.