Source:https:\/\/techcrunch.com\/2023\/05\/24\/soundcloud-lays-off-8-of-staff-as-it-aims-to-reach-profitability-this-year\/<\/a><\/br>
\nSoundCloud lays off 8% of staff as it aims to reach profitability this year<\/br>
\n2023-05-24 22:04:36<\/br><\/p>\n

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Music streaming platform SoundCloud has laid off 8% of its staff according to multiple<\/a> reports<\/a>. The fresh round of job cuts comes after the company laid off 20% of its employees last August<\/a>.<\/p>\n

In a memo sent to staff \u2014 seen by Variety<\/a> \u2014 CEO Eliah Seton said that SoundCloud is reducing headcount to get to a profitable position this year. \u201cThis is a challenging but essential decision to ensure the health of our business and get SoundCloud to profitability this year. In doing so, we are securing the company\u2019s future for the millions of artists who rely on us for their living and their self-expression, and the millions of fans who come to SoundCloud for the joy of music,\u201d the CEO said in the memo.<\/p>\n

\u201cIt is critical to ensure that SoundCloud thrives in our mission to influence culture, be the preeminent home for artists and fans and lead what\u2019s next in music.\u201d<\/p>\n

This was Seton\u2019s first major move after becoming the CEO in March<\/a> and replacing Michael Weissman.<\/p>\n

In the last few years, SoundCloud has expanded partnerships with multiple labels like Merlin<\/a> and Warner Music Group<\/a> to power its fan-powered royalty program. The project distributes ad and subscription revenues<\/a> to artists users listened to. It\u2019s a more granular royalty program compared to other streaming services. Earlier this year, the company debuted a TikTok-like vertical feed for music discovery<\/a>. Last month, SoundCloud launched a fan-engagement tool<\/a> for artists to get more insights and communicate with their fans.<\/p>\n

SoundCloud claims it has 130 million \u201cengaged fans.\u201d It currently hosts more than 320 million tracks from over 40 million creators.<\/p>\n

Music streaming startups are in a tough spot as they are trying to achieve profitability. Last year, Tencent-backed Indian app Gaana<\/a> switched to a subscription-only service. ByteDance\u2019s Resso app<\/a>, which operates in India, Brazil and Indonesia, followed suit, as it also went behind a paywall this month.<\/p>\n<\/p><\/div>\n

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Science, Tech, Technology<\/br>
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\nSource:https:\/\/techcrunch.com\/2023\/05\/24\/soundcloud-lays-off-8-of-staff-as-it-aims-to-reach-profitability-this-year\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/05\/24\/soundcloud-lays-off-8-of-staff-as-it-aims-to-reach-profitability-this-year\/ SoundCloud lays off 8% of staff as it aims to reach profitability this year 2023-05-24 22:04:36 Music streaming platform SoundCloud has laid off 8% of its staff according to multiple reports. The fresh round of job cuts comes after the company laid off 20% of its employees last August. In a memo sent to […]<\/p>\n","protected":false},"author":1,"featured_media":33226,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-33225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\n