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SoundCloud is Cutting Nearly 40 Percent of its Staff

posted by martyb on Friday July 07 2017, @07:14AM   Printer-friendly
from the sound-finances dept.

Fnord666 writes:

SoundCloud is cutting over 40 percent of its staff, the company announced on its blog. The streaming service will let go 173 of its 420 employees in order to "ensure our path to long-term, independent success," SoundCloud CEO Alex Ljung wrote. The news was first reported by Bloomberg.

As part of the reduction, the company will shutter its offices in San Francisco and London, leaving only its New York and Berlin offices operational. It's been a trying year for SoundCloud to say the least. The company announced it may possibly run out of money before the end of 2017 back in January, before landing a $70 million credit line from investors to stave off certain collapse.

Source: The Verge

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  • (Score: 0) by Anonymous Coward on Friday July 07 2017, @09:01AM

    by Anonymous Coward on Friday July 07 2017, @09:01AM (#536050)

    People treat YouTube like a natural monopoly. Competition is impossible.