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Soundcloud is now FIRING 20% of their Employees

Soundcloud is now FIRING 20% of their Employees

SoundCloud is now joining the depressingly long list of companies in the tech industry to get rid of employees because of the economic downturn. Company CEO Michael Weissman told employees in an email that they are now making reductions to their global team, impacting up to 20% off SoundCloud, he added that this change is necessary considering the challenging economic climate and financial market headwinds.

A SoundCloud spokesperson has confirmed the job cuts, saying that SoundCloud is now providing support to employees who have to exit the company. The music distribution service platform laid off a significant chunk, 40% of its workforce back in 2017. The company was struggling financially back then, although the company has now secured hundreds of millions of investments and has announced its first profitable quarter in 2020 since then.

In 2021, the company introduced a listener-based royalties model that would lead to better pay for artists and subscribers. Payments go straight to the artists they listen to. Warner Music Group recently adopted this new model, becoming the first major label to do so as well. SoundCloud also purchased an AI music curation company called Musiio in May, helping users find Hidden Gems before they make it big. The Musiio tech listens to songs, tags them, and then inserts them into appropriate playlists. Soundclouds current LinkedIn profile says that they have 1707 employees, but that doesn’t reflect the real number of workers in a company. Weissman did tell staff members in his email that these new layoffs will affect employees in the US and UK who will be notified in the coming days.

Soundcloud is now FIRING 20% of their Employees

Soundcloud is now FIRING 20% of their Employees

SoundCloud is now joining the depressingly long list of companies in the tech industry to get rid of employees because of the economic downturn. Company CEO Michael Weissman told employees in an email that they are now making reductions to their global team, impacting up to 20% off SoundCloud, he added that this change is necessary considering the challenging economic climate and financial market headwinds.

A SoundCloud spokesperson has confirmed the job cuts, saying that SoundCloud is now providing support to employees who have to exit the company. The music distribution service platform laid off a significant chunk, 40% of its workforce back in 2017. The company was struggling financially back then, although the company has now secured hundreds of millions of investments and has announced its first profitable quarter in 2020 since then.

In 2021, the company introduced a listener-based royalties model that would lead to better pay for artists and subscribers. Payments go straight to the artists they listen to. Warner Music Group recently adopted this new model, becoming the first major label to do so as well. SoundCloud also purchased an AI music curation company called Musiio in May, helping users find Hidden Gems before they make it big. The Musiio tech listens to songs, tags them, and then inserts them into appropriate playlists. Soundclouds current LinkedIn profile says that they have 1707 employees, but that doesn’t reflect the real number of workers in a company. Weissman did tell staff members in his email that these new layoffs will affect employees in the US and UK who will be notified in the coming days.