Soundcloud has reportedly laid off nearly half of its staff and closed two of its offices in London and San Francisco.
Bloomberg has reported that the online music streaming service has decided to cut 173 of its 420 employees choosing to operate solely at their New York and Berlin headquarters. Alex Ljung, The co-founder, and Chief Executive Officer has since released a statement regarding the current employment status. Ljung said the severe drop in employees was to “ensure our path to long-term, independent success”. He continued, “By reducing our costs and continuing our revenue growth, we’re on our path to profitability and in control of SoundCloud’s independent future.”
Earlier this year Soundcloud was reportedly in talks about selling the company for considerably less than desired. The streaming service which was valued at $750 million in 2014 has since been trying to raise $100 million to try and stay afloat.
