SoundCloud to Lay Off 8% of Staff

variety.com:

Jem Aswad Senior Music Editor SoundCloud announced that it will be laying off around 8% of its global staff in an email from CEO Eliah Seton obtained by Variety.

The move, which will impact around 40 people, follows a more-severe round of cuts back in August that saw the company reducing its headcount by some 20%. “Ultimately, I take accountability for this decision and will carry that with me every day,” Seton wrote. “Most importantly, we are absolutely determined to treat everyone with the utmost respect and manage this process in as generous a manner as possible.  “This is a challenging but essential decision to ensure the health of our business and get SoundCloud to profitability this year,” he continued. “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.

The company, which was a sort of wild child in the streaming business in the 2010s, has been in the process of repositioning itself as a more-formal streaming service for the past several years.