Earlier today more bad news came from the online music giant, Soundcloud. Announcing they were closing the doors to their London and San Francisco offices, the collateral damage came with the firing of 173 staff members. These employees were critical in other locations such as Berlin and New York.
This comes as more but not surprising bad news for the company after all the financial issues they’ve faced in the past few years. In 2015, the company’s net loss was just over €51 million. In a blog post from the CEO and Co-Founder, Alex Ljung, he said “By reducing our costs and continuing our revenue growth, we’re on our path to profitability and in control of SoundCloud’s independent future.”
Hopefully things start looking up for Soundcloud, if you would like to read the full blog post you can read it here.