SoundCloud CEO Michael Weissman announced staffing cuts of 'up to 20%' of its global workforce, blaming them on 'the challenging economic climate and financial market headwinds.'
, who was then CEO, said those cuts were necessary for the company to “control” its “independent future.”
In the five years since, SoundCloud has moved towards profitability. The company obtained a $170 million infusion led by The Raine Group and Temasek and a $75 million investment from Pandora parent SiriusXM. SoundCloud announced its first profitable quarter in 2020, and earlier this year, it said its annualThe company also expanded into distribution in 2019.
Weissman’s email to employees this week noted that SoundCloud will “continue to be laser focused on our mission to,” adding, “the company transformation we set in motion last year drives everything that we do and will continue to be our driving force.” U.S. and U.K. employees impacted by the layoffs “will be notified over the next few days,” according to Weissman’s message. SoundCloud is also planning to host an All Hands meeting this week “to discuss these changes in more detail.”
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