SoundCloud CEO Michael Weissman emailed employees on Wednesday (August 3) to announce staffing cuts.
“We will be making reductions to our global team that will impact up to 20% of our company,” Weissman wrote in a memo obtained by Billboard. “Making changes that affect people is incredibly hard. But it is one that is necessary given the challenging economic climate and financial market headwinds.”
“Today’s change positions SoundCloud for the long run and puts us on a path to sustained profitability,” Weissman added. “We have already begun to make prudent financial decisions across the company and that now extends to a reduction to our team.”
In a statement, a rep for SoundCloud confirmed that the company “announced an approximate 20% reduction of its global workforce due to a significant company transformation and the challenging economic and financial environment.” “During this difficult time,” the rep added, “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.”