SoundCloud has made 8 percent of its employees redundant in a wave of cuts that aims to improve the company’s profitability.
The decision to go ahead with layoffs was made by SoundCloud CEO Eliah Seton, who took on the role in March. The redundancies follow a similar round of staffing cuts made last August, which saw the company lose 20 percent of its workforce.
In a memo sent to staff and shared by TechCrunch, Seton said: "This 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’s 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.
"It is critical to ensure that SoundCloud thrives in our mission to influence culture, be the preeminent home for artists and fans and lead what’s next in music."
SoundCloud says it currently has 130 million "engaged fans" who regularly use the platform. It currently hosts more than 320 million tracks from over 40 million creators.
