Business
Streaming company SoundCloud lays off 20% of its workforce

San Francisco, Aug 5
Streaming platform SoundCloud has announced to cut 20 per cent of its workforce "given the challenging economic climate and financial market headwinds".
SoundCloud CEO Michael Weissman wrote in an email that affected employees would be notified over the next several days, reports Billboard.
"We will be making reductions to our global team that will impact up to 20 per cent of our company," Weissman said in the email.
"Making changes that affect people is incredibly hard. But it is one that is necessary given the challenging economic climate and financial market headwinds," he added.
The change positions SoundCloud for the long run and "puts us on a path to sustained profitability", Weissman said.
In 2017, SoundCloud fired about 40 per cent of its workforce for the company's "long-term, independent success".
This time, the company said that it has "begun to make prudent financial decisions across the company and that now extends to a reduction to our team".
"We are focused on providing the support and resources to those transitioning while reinforcing our commitment to executing our mission to lead what's next in music."
SoundCloud announced its first profitable quarter in 2020.
Earlier this year, the company said its annual revenue run rate was around $300 million.
Other music and content streaming platforms like Spotify and Netflix have also announced job cuts.

2 hours ago
Fuel switches were turned off prior to the accident of the Air India Boeing 787.

7 hours ago
Reji Valiyakala from New York Speaks on the Importance of Life Insurance

10 hours ago
GOP senators alarmed by Hegseth's Ukraine aid freeze, seek probe

12 hours ago
Tesla to India: First showroom to open in Mumbai on July 15.

12 hours ago
Nasscom US CEO Forum launched; aims to strengthen India–US tech ties.

13 hours ago
US: Trump, First Lady to visit flood-hit Texas as rescue ops continue

13 hours ago
Tara K. Menon, an Indian-origin scholar at Harvard University, receives the Roslyn Abramson Award.

13 hours ago
Zelensky meets US Senators on sidelines of Ukraine Recovery Conference in Rome

13 hours ago
MoS Margherita meets US Secretary of State in Malaysia

13 hours ago
South Korea, US, Japan stage joint air drills involving B-52 bomber

13 hours ago
Canada will defend its workers, businesses: PM Carney responds to Trump’s tariff threat

13 hours ago
Indians lead among the richest immigrants in America; 12 Indian-origin individuals featured on Forbes list.

17 hours ago
Coast Guard rescues two crew members from stranded US yacht