SoundCloud is getting rid of a large portion of its staff, but it claims it’s not going anywhere. The company is laying off 40% of its employees, which could help it become more profitable. CEO Alex Ljung explained SoundCloud’s recent actions and goals in a blog post.
He says the company removed 173 employees to cut costs. SoundCloud will be refocusing on artists and creators to improve the platform.
Ljung made sure to point out the company’s relative success in the recent past, which includes doubling its revenue in the past year. This sort of cost-cutting was needed, however, for SoundCloud to remain “independent,” says Ljung. There had been reports about a possible acquisition of the music platform, but it appears SoundCloud wants to remain on its own.
