BERLIN, Germany (CelebrityAccess) — Facing what it reportedly described as “[a] challenging economic climate and financial market headwinds,” DIY streaming platform SoundCloud revealed plans to lay off up to 20% of its staff.
SoundCloud CEO Michael Weissman broke the news to employees on Wednesday in an email obtained by Billboard, writing: “We will be making reductions to our global team that will impact up to 20% of our company.”
“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. “We have already begun to make prudent financial decisions across the company and that now extends to a reduction to our team.”
Weissman told the team at SoundCloud that employees impacted by the staff reduction would be notified in the coming days and the layoffs would be discussed in more detail during a companywide meeting held later this week, Billboard reported.
The layoffs follow a series of moves by the company that included the acquisition of the A.I. music company Musiio in May, expanded its licensing deal with Warner Music Group in July, and hired Jen Caserta as their new human resources executive in June.
