Things continue to darken for music and podcast streaming outfit SoundCloud. In “A Note From Alex Ljung” posted to the company’s website, the founder said: “In the competitive world of music streaming, we’ve spent the last several years growing our business, and more than doubled our revenue in the last 12 months alone. However, we need to ensure our path to long-term, independent success. And in order to do this, it requires cost cutting, continued growth of our existing advertising and subscription revenue streams, and a relentless focus on our unique competitive advantage — artists and creators.” The whole notice appears HERE.
The cuts translate to 173 jobs being eliminated – 40 percent of the company’s total personnel. And many executive leaders are also jumping ship. Speculation has been stirred up that the company may be sold. The problem may be that there won’t be a glut of takers.